Public debt closes 2023 with an increase of 4.8%, to 1,574 trillion, but falls to 107.7% of GDP

The Government estimates that this year it will be reduced to 106.

Public debt closes 2023 with an increase of 4.8%, to 1,574 trillion, but falls to 107.7% of GDP

The Government estimates that this year it will be reduced to 106.3% of GDP

The debt of public administrations closed 2023 at 1,574 trillion euros, which represents an increase of 4.8% compared to the previous year, but falls to 107.7% of GDP, 3.9 points less than the rate registered in 2022 , according to data published this Friday by the Bank of Spain.

The Ministry of Economy, Commerce and Business has highlighted in a statement that the decrease in the debt-to-GDP ratio exceeds that foreseen in the Budget Plan by four tenths, when it estimated a debt of 108.1% of GDP for the entire country. 2023.

"The strength and positive evolution of the Spanish economy, with a growth of 2.5% in 2023, as well as the improvement in public income, are the fundamental causes of the reduction in the ratio," highlighted the Department led by Carlos Body.

Although it decreases as a percentage of GDP, public debt has increased by 71,878 million euros in the last year (4.8% year-on-year), exceeding 1,574 billion euros, close to the historical maximum that it marked in the month of September 2023. (1,577 billion).

Compared to the month of November, the debt of all public administrations has remained practically stable, with a slight decrease of 0.05%.


The Ministry of Economy highlights that Spain continues to reduce at a "good pace and constantly" the maximum debt/GDP ratio reached during the pandemic. Since then, in just over 3 years it has already been reduced by 17.6 percentage points, a reduction greater than expected, which shows, in his opinion, the "prudence in estimates, the Government's commitment to fiscal responsibility and the efficient management of public resources".

The Executive highlights that this reduction is compatible with the adoption and maintenance of support measures for families and companies, first during the pandemic and later during the inflationary episode, which are allowing inflation to be reduced and compensate the most affected groups and sectors.

According to the Ministry of Economy, the Public Treasury maintained a "solid" position in the market in 2023, in a context marked by the increase in interest rates and the end of net purchases by the European Central Bank.

For this year, the Government estimates that the ratio of public debt to GDP will continue its downward path, with the expectation of reducing it to 106.3%.


Breaking down the figures by administration, the State debt rose to 1,414 trillion euros in 2023, which represents a year-on-year increase of 6.2%, but remained more or less stable compared to the month of November.

For its part, the balance of Social Security debt stood at 116,173 million euros, 9.4% more than a year before, due to the increase in loans granted by the State to the General Treasury of Social Security for finance its budget imbalance. Compared to November it only increased by one million euros.

Finally, the debt of the autonomous communities grew in 2023 to 325,474 million euros, which represents an increase of 2.6% compared to 2022; while the debt of local corporations stood at 23,299 million euros, 1.1% more than the balance recorded in December of the previous year. In monthly rate (December over November), the debt of the regions has grown by 0.3% and that of the town councils, by 1.8%.