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Latino Daily News

Friday December 13, 2013

Spain’s Debt Reaches $1.3 Trillion

Spain’s Debt Reaches $1.3 Trillion

Photo: Spanish economy

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Spain’s public debt climbed to 954.9 billion euros ($1.3 trillion) in the third quarter, equivalent to a new record high of 93.4 percent of gross domestic product, the central bank said.

Public debt rose 16.73 percent compared to the third quarter of last year, according to Bank of Spain figures released Friday.

The central government’s debt rose the fastest, climbing 19.53 percent compared to the third quarter of 2012 to 831.3 billion euros (some $1.13 trillion), or 81.3 percent of GDP.

The debt of Spain’s regions totaled 197 billion euros (some $270 billion) in the third quarter, up 17 percent from the July-September period of last year.

Municipal government debt, meanwhile, came in at 41.8 billion euros (some $57.2 billion), down 4.65 percent from the previous year.

Spain’s debt-to-GDP ratio has skyrocketed in recent years amid a severe economic crisis triggered in part by the bursting of a long-building property bubble.

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