The debt of all public administrations rose by 10,401 million euros in March compared to the previous month (0.65%), reaching 1,613,063 million euros, a new historical maximum, according to data published this Friday by the Bank from Spain.

This new rise means that the debt of public administrations once again exceeds the barrier of 1.6 trillion euros for the second consecutive time, above the record reached in January of 1.583 trillion euros. In fact, debt has risen in each of the first three months of 2024.

In the last year, public debt has grown by 5.1%, with an increase of 77.6 billion euros, as a result of higher expenses derived from the pandemic crisis and the war in Ukraine and the rise in prices.

In this monthly preview, the Bank of Spain does not offer data on the weight of debt over GDP – measured as a quarterly percentage -, but the latest data released suggests that at the end of 2023 the ratio at 107.7%.

The Executive’s estimates suggest that the downward path of public debt will continue in the coming years, since it is expected to fall from 106.3% in 2024 to 105.4% in 2025 and 104.4% in 2026.

The monthly increase in debt in March is due to the increase in debt of the State, the autonomous communities and also the city councils, which have registered a slight increase, while Social Security has remained at the same figure.

Specifically, in March the State debt stood at 1,457,751 million euros, which represents an increase of 1.1% and 15,875 million euros more in one month, while in the last twelve months it has risen by 6.9%.

For their part, the autonomous communities have increased their debt compared to the month of February to 328,740 million euros, 859 million euros more (0.26%), while in the interannual rate they experience a rise of 2%.

For its part, Social Security debt has remained practically at the same level in March, with 116.17 billion euros, one million less compared to February. The year-on-year increase is 9.4%.

The Bank of Spain explains that the increase in Social Security debt in the last year is due to the loans granted by the State to the organization’s General Treasury to finance its budget imbalance.

Finally, city councils recorded a debt of 23,177 million euros in March, 0.34% more than the previous month, while in the last year it has risen 0.5%.