The Bank of Spain published its quarterly Excessive Deficit Procedure (EDP) statistics showing that general government debt stood at 103.2% of GDP in the third quarter of 2025, 1 percentage point lower than a year earlier. In nominal terms, the debt stock reached EUR 1,709 billion, a 4.5% year-on-year increase. By subsector, central government debt totalled EUR 1,572 billion (94.8% of GDP), up 4.5% year on year, while social security debt rose to EUR 126 billion (7.6% of GDP), up 8.6%. Autonomous communities recorded EUR 339 billion (20.4% of GDP), up 1.7%, with Navarra, the Canary Islands, Madrid, the Basque Country and Asturias below the 13% debt-to-GDP reference value, while Valencia (40.5%), Murcia (30.2%), Castilla-La Mancha (28.5%) and Catalonia (28.4%) had the highest ratios. Local governments’ debt fell 2.8% to EUR 22 billion (1.4% of GDP). Consolidation within the general government sector increased 2.6% to EUR 350 billion (21.1% of GDP). By instrument, long-term securities grew 4.2% year on year and loans with maturity over one year rose 11.8%, while short-term instruments declined 4.7%; 95.3% of debt was long term, including 84.8% in long-term securities. The Bank of Spain indicated it will publish the October 2025 monthly EDP debt advance on 18 December 2025 and the fourth quarter of 2025 quarterly EDP debt data on 31 March 2026, alongside access to detailed series and research microdata via its tools and data lab.
Bank of Spain 2025-12-15
Bank of Spain reports public sector debt eased to 103.2% of GDP in Q3 2025
The Bank of Spain's quarterly Excessive Deficit Procedure statistics reveal that general government debt was 103.2% of GDP in Q3 2025, down 1 percentage point from the previous year, with a nominal increase to EUR 1,709 billion. Central government debt rose to EUR 1,572 billion, while social security debt increased to EUR 126 billion. Long-term securities comprised 84.8% of the debt, with a notable rise in loans over one year by 11.8%.