The national debt of Spain has reached a record high of €1,107 trillion – record in 1909. This is evidenced by data of the Central Bank of Spain, writes Prime.
In June, the national debt amounted to 100.9% of GDP. Thus, in June, the public debt rose by €18,549 billion, i.e. by 1.7% compared with may and by 4.7% in comparison with June 2015, when it amounted to €1,057 trillion.
This is higher than the figure in March, when the national debt reached 100.5% of GDP, exceeding the psychological mark of 100% of GDP.
However, Spain has not yet broken its own record of the national debt for all time of conducting statistics in June, 1909, it amounted to 102% of GDP.
The Ministry of economy assured that the country will manage to the end of the year to implement the plan and reduce its debt to a 99,14% of GDP. By 2019, the Spanish government promised to reduce the national debt up to 96% of GDP.
However, the European Commission is more pessimistic. According to its forecasts, by the end of this year the national debt of Spain will be to 100.3%.
Spain’s public debt started to grow rapidly since 2009. If in 2008 it amounted to 39.4% of GDP, in 2009 – 52,7%, and by 2013 reached 90% of GDP. In March 2016, it exceeded 100% of GDP.