The Bank of Spain published its monthly advance estimate of Spanish general government debt under the Excessive Deficit Procedure (EDP) definition, reporting a stock equal to 100.8% of GDP in January 2026, down 1 percentage point from a year earlier. In nominal terms, debt rose 4.7% year on year to EUR 1,707bn. By subsector, central government debt reached EUR 1,559bn (92% of GDP, up 5.2% year on year) and social security debt stood at EUR 136bn (8% of GDP, up 7.9%), with the release attributing the increase to state loans to the Social Security Treasury to finance its budget imbalance. Regional government debt was EUR 339bn (20% of GDP, up 1%), while local government debt fell 9.2% to EUR 21bn (1.2% of GDP); other central government units were EUR 34bn (2% of GDP, down 6.6%). Intra-general-government consolidation amounted to EUR 382bn (22.5% of GDP, up 2.4% year on year); compared with December, total debt increased by EUR 8bn, driven by a EUR 9.6bn rise in central government debt and partly offset by a EUR 3.3bn decline in regional debt. Across instruments, all categories recorded positive annual growth, including long-term securities (4.3%), loans with maturity over one year (7.1%) and short-term instruments (7%). The advance EDP debt data for February 2026 are scheduled for publication on 22 April 2026, and the EDP debt data for the fourth quarter of 2025 on 31 March 2026.
Bank of Spain 2026-03-17
Bank of Spain reports Spain’s general government debt at 100.8% of GDP in January 2026
The Bank of Spain reported Spanish general government debt at 100.8% of GDP in January 2026, a decrease of 1 percentage point from the previous year, with nominal debt rising 4.7% to EUR 1,707bn. Central government debt increased to EUR 1,559bn, while social security debt rose to EUR 136bn, attributed to state loans for budget imbalances. Regional government debt was EUR 339bn, and local government debt decreased to EUR 21bn.