In May, the total public debt in Spain reached one point six six three trillion euros, marking an increase of three point eight percent compared to the same month last year. Despite the rising debt, the debt ratio relative to the Gross Domestic Product decreased to one hundred two point three percent, down from one hundred four point two percent a year ago, indicating a gradual improvement in economic conditions.

The Bank of Spain reported that the debt has remained stable compared to the previous month, with a slight drop from April’s one hundred two point seven percent of GDP. The increase in public debt has primarily been attributed to the growing debt levels of the Central Administration, autonomous communities, and the Social Security system. However, local councils have successfully reduced their debt over the past year.

The government plans to further reduce the debt ratio to one hundred one point seven percent by the end of twenty twenty-five, with longer-term forecasts suggesting a target of ninety-eight point four percent by twenty twenty-seven, ninety point six percent by twenty thirty-one, and seventy-six point eight percent by twenty forty-one.

Regarding specific figures, the State’s debt reached one point five trillion euros, an increase of four point four percent year-on-year, accounting for ninety-two point nine percent of GDP. The Social Security administrations had a debt of one hundred twenty-six point one seven billion euros, an eight point five percent increase, representing seven point eight percent of GDP. In contrast, the debt of autonomous communities was three hundred thirty-five point eight sevente thousand eight hundred seventy-one euros, reflecting a slight annual rise of zero point nine percent.