Spain’s public debt finished 2022 at 1,502,505 million euros, the highest year-end figure in the historical series, equating to 113.1% of GDP.
Data released by the Bank of Spain indicate that the debt rose by 75,267 million through 2022, a 5.3% increase. Since the end of 2019, just before the pandemic, the accumulated rise amounts to 279,150 million, or 22.8%.
Yet, December debt data remained below the all-time peak reached in November, which stood at 1,505,538 million.
Despite the absolute growth in debt, the December closing rate relative to GDP, calculated by Banco de España, remained under the government’s annual target at 115.2% of GDP.
Nadia Calviño, Vice President of Economic Affairs, stated in a media briefing that the economy’s solid growth and prudent fiscal policy helped improve debt reduction targets for 2022 by more than two percentage points.
She also noted that, despite the challenging international environment created by the war in Ukraine, the Spanish economy is absorbing the pandemic’s extraordinary impact at an unprecedented pace.
Calviño added that the debt-to-GDP ratio has declined by more than five percentage points from the end of 2021, when it stood at 118.3% of GDP, reaffirming the government’s commitment to responsible fiscal management and effective use of public resources.
The government shoulders most of the debt
As is typical, the majority of the debt is held by the State, which closed the year with 1,331,105 million euros, up by 86,261 million and a 6.2% increase.
Autonomous communities increased their debt by 4,265 million (1.3%) to 316,853 million, while local agencies added 995 million (4.5%) to reach 23,066 million.
The Social Security system finished 2022 with 106,178 million in debt, rising by 8,993 million from the previous year, a 9.2% improvement in the recovery term.
Most of the debt is concentrated in long-term instruments, totaling 1,249,468 million, with short-term securities at 65,599 million, alongside 1,315,067 million in total debt securities. The remainder is divided between loans, totaling 182,287 million, and cash and deposits at 5,151 million.