The Bank of Spain released its monthly advance estimates of Spanish general government debt under the Excessive Deficit Procedure framework, putting the debt ratio at 103.2% of GDP in September 2025, down 1 percentage point from a year earlier. In nominal terms, the debt stock totalled EUR 1.710 trillion, up 4.5% year on year. By subsector, State debt stood at EUR 1.558 trillion (94.0% of GDP), rising 4.6% year on year, while other central government units fell 6.4% to EUR 35 billion (2.1% of GDP). Social Security debt increased 8.6% to EUR 126 billion (7.6% of GDP), which the release attributes to State loans to the General Treasury of Social Security to finance its budget imbalance. Regional government debt reached EUR 339 billion (20.5% of GDP), up 1.9%, and local government debt was EUR 23 billion (1.4% of GDP), down 2.6%; consolidation within general government amounted to EUR 371 billion (22.4% of GDP), up 2.0%. Compared with December of the previous year, total debt rose by EUR 89.5 billion, largely driven by an EUR 84.5 billion increase in State debt. Long-term debt securities and loans with maturity over one year grew 4.2% and 12.2% year on year respectively, while short-term instruments declined 5.1%. The Bank of Spain indicated that the October 2025 monthly advance will be published on 18 December 2025, and the third-quarter 2025 quarterly data will be published on 15 December 2025.
Bank of Spain 2025-11-17
Bank of Spain publishes September 2025 monthly advance showing general government debt at 103.2% of GDP
The Bank of Spain reported that Spanish general government debt under the Excessive Deficit Procedure framework was 103.2% of GDP in September 2025, a decrease of 1 percentage point from the previous year. The debt stock reached EUR 1.710 trillion, marking a 4.5% year-on-year increase. State debt rose to EUR 1.558 trillion, while Social Security debt increased due to State loans, and regional government debt also saw a rise.