Money owed by Spanish state is highest ever at 113% the size of the national economy

Public debt has been one of the great burdens of the Spanish economy for many years. But pandemic support measures and the energy crisis due to the war in Ukraine have pushed the figures to the extreme. In June, the Spanish government owed a total of 1.57 trillion euros.

Never before has the figure been so high and, according to data from the Bank of Spain, using nominal GDP for the last four quarters to check its weight in the economy, the debt-to-GDP ratio stood at 113.1% of a year's economic output at the end of the second quarter of 2023.