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Spanish public debt rises to an eye-watering 1.53 trillion euros
The Government of Spain alone now owes 1.38 trillion euros
As consumer prices continue their ever-upward spiral so does Spanish borrowing, whose debt has reached an unfathomable 1.53 trillion euros in the first quarter of this year, representing a worrying 113% of Gross Domestic Product (GDP).
This debt balance has risen by around 5.6% compared to the same period in 2022, with energy as the major culprit, its liabilities growing by 6.2%. Autonomous community debt increased by 4% and that of local corporations by 2.6%.
Essentially, the Spanish government itself now owes an unbelievable 1.38 million euros.
Social security isn’t faring much better than other sectors, its deficit now standing at 106 billion, which accounts for 7.8% of the total GDP of the country.
Locally, the picture isn’t much better and overall, the debt of the different regions has jumped by 4% or 322 billion, representing 23.7% of GDP. A little less in the red are the town councils, whose overheads have grown to 23 billion in the first quarter of 2023, which is still 2.6% more than the balance registered during this same period last year.
Image: Freepix
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