In the interannual rate, the debt increased by 5% compared to the same quarter last year with 71,458 million more as a result of lower income and higher expenses derived from the pandemic crisis and the war in Ukraine
The debt of the public administrations as a whole rose in the third quarter to the all-time high of 1,504 trillion euros, which represents an increase in relative terms of almost 2% compared to the previous quarter, although its weight on GDP moderated slightly and the ratio stood at 116%, according to data published this Wednesday by the Bank of Spain.
In the interannual rate, the debt increased by 5% compared to the same quarter last year, with 71,458 million more, as a result of lower income and higher expenses derived from the pandemic crisis and more recently due to the war in Ukraine.
The ratio of public debt to GDP was 116%, which is one tenth less than that of the second quarter (116.1%), although it still exceeds the Government’s objective for the whole year (115.2%), in accordance with what is established by the Executive in the Stability Plan and in the Budgetary Plan sent to Brussels.
The scenario proposed by the 2022-2025 Stability Program shows a progressive decrease in the deficit over the four years until the debt/GDP ratio stands at 109.7% in 2025.