Bank of Spain reports general government debt at 103.4% of GDP in Q2 2025 down 1.8 percentage points year on year

The Bank of Spain published Excessive Deficit Procedure (EDP) statistics on Spanish general government debt for the second quarter of 2025, showing the debt ratio at 103.4% of nominal GDP, 1.8 percentage points lower than a year earlier. In nominal terms, the debt stock reached EUR 1,691 billion, up 4% year on year. By subsector, central government debt stood at EUR 1,548 billion (94.7% of GDP), rising 4.3% year on year, while Social Security administrations’ debt increased 8.6% to EUR 126 billion (7.7% of GDP), reflecting loans from the State to the Social Security treasury that are consolidated out at the general government level. Autonomous communities reported EUR 343 billion (21.0% of GDP), up 1.6%, and local corporations EUR 23 billion (1.4% of GDP), down 0.8%; among regions, Navarra, the Basque Country, Canary Islands and Madrid remained below the 13% reference ratio, while the highest ratios were in the Valencia region (39.9%), Murcia (30.2%), Catalonia (29.5%) and Castilla-La Mancha (28.5%). Consolidation across general government rose 4.1% to EUR 350 billion (21.4% of GDP); by instrument, long-term securities grew 4.6% year on year and short-term instruments also rose 4.6%, while loans over one year fell 0.8%, with 94.7% of the stock in long-term liabilities at June 2025. The Bank indicated that an advance estimate for August 2025 EDP debt will be published on 21 October 2025, and third-quarter 2025 data on 15 December 2025.