Spain's public debt reaches new all-time high of 1.76 trillion euros

The debt-to-GDP ratio, however, fell to 101.5% of GDP, almost 2% lower than in June 2025, when it stood at 103.4%, equivalent to 1.69 trillion euros.

This reduction in the debt-to-GDP ratio is therefore mainly due to the strong overall growth of the Spanish economy, which is outpacing the rise in debt. Although Spain's government as a whole owes around 70 billion euros more than in June 2025, economic growth implies this figure carries less weight than it did a year ago.

The central government holds most of Spain's debt. Specifically, central government debt in June stood at 1.6 trillion euros, representing a year-on-year increase of 4.4%, which equates to 92.2% of GDP.

On the other hand, the balance for 'other central government units' (a category encompassing various public bodies dependent on the state that have their own legal status) stood at 33 billion euros or 1.9% of GDP, a decrease of 6% compared with the same figure for the previous year.

Meanwhile, the outstanding debt of the Social Security stood at 136 billion, 7.9% higher than a year earlier and equivalent to 7.8% of GDP.

In the regional governments, debt levels varied: while they rose at regional level, they fell at local level. Consequently, the debt of regions stood at 355 billion euros in June 2026, 20.4% of GDP, representing a year-on-year increase of 3.6%.

By contrast, the debt of local authorities and town halls stood at 21 billion euros in the same month, or 1.2% of GDP, 8.1% lower than the figure recorded a year earlier.

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