The debt of the public administrations as a whole fell in January to 1,489,797.22 million euros, 0.8% less than the previous month in relative terms but 4.5% compared to the same month last year (64,705 million more) due to lower income and higher expenses resulting from the pandemic and the war in Ukraine.
The data published this Friday by the Bank of Spain confirm a new decline, which places the public debt to GDP ratio at around 113.1%, below the Government’s target for the whole year (115.2%). in accordance with what is established by the Executive in the Stability Plan. The scenario proposed by the 2022-2025 Stability Program shows a progressive decline in the deficit over the years four exercises until the debt/GDP ratio reaches 109.7% in 2025.
The debt fell in January in respect, mainly, due to the notable drop in State indebtedness, although also due to the decrease in the debt of the autonomous communities and local corporations, while that of Social Security has remained practically in the same number.
Specifically, the State debt stood at 1,319,213 million euros in January (+6.2% year-on-year, -0.9% month-on-month), that of the Autonomous Communities fell 0.5%, to 315,285 million euros compared to the previous month and that of local corporations fell slightly in January compared to December, with 253 million less.
For its part, the debt balance of the Social Security Administrations stood at 106,170 million, the same figure as a month ago, although it is 9.2% more than a year earlier. This increase is due to the loans granted by the State to the General Treasury of Social Security to finance its budgetary imbalance.