Public administrations accumulated €1.75 trillion in debt in August, equivalent to 99.7% of GDP, according to the Bank of Spain.
In August, Spanish public administrations accumulated €1.750 trillion in debt, a 2.9% increase compared to the same month in 2025, as reported by labandera.es based on data from the Bank of Spain. This figure equates to 99.7% of GDP, falling below the 100% threshold for the first time since February 2020.
The absolute volume of debt continues to grow year-on-year, but its weight on the economy has decreased by 3.1 percentage points compared to August 2025, when the ratio was 102.8%. The reduction is due to nominal GDP, which accounts for real growth and price variation, rising more than the debt.
In July, the Bank of Spain had estimated a ratio of 99.9%. In June, debt reached €1.763 trillion, with a ratio that quarterly statistics revised up to 101.4%. Between June and August, the total stock decreased by about €13 billion, although the institution itself warns that monthly variations may be due to the timing of issuances and repayments.
By subsectors, the State concentrates €1.598 trillion, a 3.3% year-on-year increase and 91% of GDP. The autonomous communities total €349 billion (19.9% of GDP), with an increase of 2.5%. Local corporations have about €21 billion, 7.1% less than a year earlier, and are the only subsector to reduce its debt in absolute terms.
Social Security raises its debt to €136 billion, a 7.9% increase compared to August 2025 and 7.8% of GDP. A significant portion of these obligations are loans from the State itself, so the figures for the different subsectors should not be summed directly.
According to the Ministry of Finance, which published its data on October 30, the total for the central administration, autonomous communities, and Social Security funds recorded a deficit of €31.183 billion up to August, equivalent to 1.75% of GDP. This means that the debt ratio decreases while public accounts remain in deficit and generate new financing needs.
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