The Bank of Spain published an advance monthly update showing that Spain’s general government debt under the Excessive Deficit Procedure stood at 103.5% of nominal GDP in the first quarter of 2025. This was 2.8 percentage points lower than a year earlier and 20.7 percentage points below the peak recorded in March 2021. In nominal terms, total debt reached EUR 1,667 billion in March 2025, up 3.3% year on year. By subsector, central government debt was EUR 1,518 billion (94.2% of GDP; +4% year on year), other central government units EUR 36 billion (2.2% of GDP; -8.8%), and social security EUR 126 billion (7.8% of GDP; +8.6%), with the increase linked to state loans to finance its budget imbalance. Regional government debt stood at EUR 338 billion (21% of GDP; +2.8%) and local government at EUR 23 billion (1.4% of GDP; -1.1%). Consolidation within general government increased 6.2% to EUR 374 billion (23.2% of GDP). The advance monthly data for April 2025 are scheduled for publication on 20 June 2025, and the quarterly debt data for the first quarter of 2025 on 13 June 2025.
Bank of Spain 2025-05-19
Bank of Spain reports Spain’s public debt fell to 103.5% of GDP in March 2025
The Bank of Spain reported that Spain's general government debt under the Excessive Deficit Procedure was 103.5% of nominal GDP in Q1 2025, down 2.8 percentage points from the previous year. Total debt reached EUR 1,667 billion in March 2025, with central government debt at EUR 1,518 billion, regional government at EUR 338 billion, and social security at EUR 126 billion.