I breathe in public debt. Liabilities fell by 6,645 million euros in October, to 1.497 trillion euros, according to data published on Tuesday by the Bank of Spain. The figure is below the level of 1.5 trillion, a record that has been reached after the pandemic with health spending and the response to get out of the coronavirus crisis.
Although the public debt to GDP ratio has been falling in recent months and now stands at around 116%, it still slightly exceeds the Government's target for the whole year (115.2%), in accordance with what was established by the Executive in the Stability Plan sent to Brussels at the end of April, as well as in the budget plan. These documents contemplate reaching 2025 with a gradual decrease to 109.7%.
The drop in debt in October is mainly due to the drop in State indebtedness, which thus breaks the upward trend that it had been recording for months due to the need to assume an extra spending effort due to the impact of the coronavirus crisis and now of the war in the Ukraine after the invasion of Russia. In fact, on October of last year the debt grew by 75,347 million.
By administrations, the State debt fell in October to 1.3 trillion euros, 0.5% less than the previous month, after decreasing by 7,173 million. For its part, the debt of the autonomous communities grew by 0.4% per month, some 1,300 million more, up to 316,127 million euros.
On their side, local corporations slightly reduced their debt by 1.09%, to 22,038 million euros, after decreasing by about 250 million.
Finally, the Social Security debt remained practically at the same figure, at 99,194 million euros.
