Bank of Spain reports Spanish general government debt at 103% of GDP in August 2025, 0.9 percentage points lower year on year

The Bank of Spain published an advance monthly update on Spanish general government debt under the Excessive Deficit Procedure, showing the debt ratio at 103% of GDP in August 2025, down 0.9 percentage points from the same month a year earlier. In nominal terms, the consolidated debt stock rose 4.7% year on year to EUR 1,699bn. By subsector, central government debt stood at EUR 1,546bn (93.7% of GDP), up 4.9% year on year, while autonomous communities’ debt was EUR 340bn (20.6% of GDP), up 1.9%, and local government debt was EUR 23bn (1.4% of GDP), down 1.5%. Social Security debt reached EUR 126bn (7.6% of GDP), up 8.6%, which the release links to loans granted by the State to finance Social Security’s budget imbalance; other central government units recorded EUR 35bn (2.1% of GDP), down 8.1%. Consolidation within general government amounted to EUR 371bn (22.5% of GDP), up 2.2% year on year, and the Bank notes the figures are based on advance information and may be revised. Since December of the prior year, general government debt increased by EUR 78.9bn, driven mainly by the State (+EUR 72.7bn) and autonomous communities (+EUR 4.3bn), while long-term debt securities and loans with maturity over one year grew 4.3% and 11.2% year on year respectively and short-term instruments fell 1%. The advance monthly September 2025 debt data are scheduled for publication on 17 November 2025, and the quarterly debt data for the third quarter of 2025 on 15 December 2025.