Bank of Spain reports corporate and household debt falls to 109% of GDP in Q3 2024

The Bank of Spain published updated Financial Accounts of the Spanish Economy through the third quarter of 2024, showing that consolidated debt of non-financial corporations and households including non-profit institutions serving households totalled EUR 1.709 trillion in September 2024, equivalent to 109% of GDP. While the stock rose 1.6% year on year, the debt-to-GDP ratio fell by around five percentage points from 114.4% a year earlier. Non-financial corporate debt increased to EUR 1.0168 trillion, but declined to 64.8% of GDP from 67.2% a year earlier, or 80.9% of GDP when including intercompany debt. Household and NPISH debt fell slightly in absolute terms to EUR 691.9 billion and dropped to 44.1% of GDP from 47.2%. Household and NPISH financial assets reached EUR 3.074 trillion, up 8.6% year on year, lifting the ratio to 196% of GDP, with gains driven by EUR 168 billion in revaluations and EUR 75.5 billion in net acquisitions, and net financial wealth rising to EUR 2.327 trillion (148.4% of GDP). Over the latest four quarters, resident sectors recorded net lending of EUR 65 billion (4.1% of GDP), with general government net borrowing improving to -3.3% of GDP. The Bank of Spain indicated that the Financial Accounts for the fourth quarter of 2024 will be published on 10 April 2025.