The debt of Spanish public administrations reached €1.762 trillion at the end of the second quarter of 2026. This represents 101.4% of GDP and has grown by 4.26% in the last year.
According to Eurostat data reported by labandera.es, the debt of Spanish public administrations stood at €1.762 trillion at the end of the second quarter of 2026, which is equivalent to 101.4% of GDP. Per inhabitant, this figure amounts to €35,399.
The total debt volume has increased by 4.26% year-on-year. However, the weight of the debt on the economy has decreased compared to the previous year.
In terms of debt to GDP, Spain ranks fifth in the European Union, behind Greece (140.8%), Italy (139.9%), France (119.1%), and Belgium (110.2%). The EU average stands at 82.9% and the eurozone at 88.8%, both below Spain's figures.
In absolute terms, Spain is the fourth largest economy in the EU with the most debt. France tops the list with over €3.595 trillion, followed by Italy with about €3.2 trillion, and Germany with around €2.9 trillion. The total for the 27 countries sums up to €15.95 trillion.
The ratio reached 121.2% of GDP in the first quarter of 2021, following the pandemic, and has experienced fluctuations since then. It fell to 100.5% in 2025 and remains at 101.4% during the first half of 2026.
The AIReF warns that the nominal GDP growth, which has helped reduce the ratio, is losing momentum. According to its Debt Observatory, it contributed about 12 points of reduction in 2022 and 5.6 points in 2025. Additionally, the rising cost of financing will impact the debt as the State renews maturing bonds or issues new debt.
Regarding interest expenditure, the analysed scenarios place its annual cost in 2030 between €67.2 billion and €73.2 billion if financial conditions worsen. In the baseline scenario, the forecast drops to €58.3 billion.
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