The debt of the public administrations falls to 101.4% of the GDP

BarcelonaPublic administration debt closed the second quarter at an amount equivalent to 101.4% of the gross domestic product (GDP, the indicator that measures the economic activity of a territory), according to data published this Wednesday by the Bank of Spain. The figure is lower than the ratio registered during the first quarter, when the liability represented 103.2% of GDP. In absolute terms, however, the debt rose by 4.3% year-on-year, to 1.763 trillion euros, a new record for the State as a whole.

In this sense, the Spanish government expects public debt to fall below the 100% barrier by the end of this 2026, advancing the achievement of an objective that was expected to be reached at the end of the term. If the ratio were to fall below this threshold, it would be the first time since December 2019 that Spain has achieved this milestone. However, Spanish metrics are still far from the fiscal rules set by the European Commission, which stipulates a debt ceiling of 60% of GDP. Under the new framework, however, Brussels tolerates that countries with debt exceeding 90% –six out of a total of 27– follow strict plans to reduce the liability progressively. Faced with this situation, Spain has committed to achieving a debt ratio of 90% by 2031.

By subsectors, the liability balance of the central administration as a whole stood at 1.613 trillion euros in June. The figure represents 92.8% of GDP, below the 94.5% corresponding to the same period of the previous year. In the case of Social Security administrations, the debt rose to 7.9% of the gross domestic product, one tenth more compared to the second quarter of 2025. The rise in this item responds to the loans granted by the State to the general treasury of the Social Security to finance a part of its budgetary imbalance.

Regarding the autonomous communities, the debt came to represent a percentage equivalent to 20.4%, five tenths less in year-on-year terms. Within this section, only five territories managed to maintain a ratio below 13%, the reference value established in the stability law. Catalonia, in this sense, is above this figure, being the third community with the highest ratio, at 28.1%. Only the Valencian Community, with 40%, and Murcia, with 30.8%, appear above it.

On the other hand, the debt of the municipalities experienced a strong reduction, going from 8.3% of the GDP in the second quarter of last year to the current 1.2%.