The public debt reached 97% of GDP in November to top … – Yahoo Finance Spain

The public debt reached 97% of GDP in November to top … – Yahoo Finance Spain

Madrid, Jan 16 (EFE) .- The public debt rose in November to the 1,023,053 million euros, equivalent to 97% of GDP, after returning to the upward path and climb 6.084 million a month, which is six tenths annual target (97.6% of GDP).

In the past month the debt of all the administrations was reduced (3.267 million) for the third time this year, which also occurred in April (7,141,000) and July (6421000).

According to the updated today by the Bank of Spain data the total debt of the government in the first eleven months of the year, 740,269,000 values ​​correspond to medium and long term 77,028,000 to short-term securities and 205,756,000 non-commercial credit and currency issue and safety General deposits.

Although the supervising agency does not provide equivalence between total debt and GDP to update the monthly data, to find percentage of 97% has been taken into account the latest data of Quarterly National Accounts published by the National Statistics Institute (INE), according to which 30 September 100% of Spanish GDP was 1,053,969 million.

Furthermore, according to the latest quarterly data by administrations, until September central state debt grew by 7% (up to 891.936 million, equivalent to 84.6% of GDP), the autonomous communities increased 16.15% (up to 232.009 million, equivalent to 22% of GDP) and the municipalities fell 6.7% (up to 40.781 million, equivalent to 3.9% of GDP).

The public debt has tripled since the economic crisis began, and has Presumably spent 36.3% of GDP in 2007 to close to 100% today.

This debt rose for the first time over one trillion euros last May (1,002,739 million).

The Economy Minister Luis de Guindos, has been attributing the rise to accumulated budget deficits, specific measures such as payments to suppliers or Autonomous Liquidity Fund, which provides funds to the regions pay its debts and issues such as financial assistance program for Spanish banks.

According to a historical study of the International Monetary Fund (IMF), the Spanish public debt exceeded or brushed 100% of GDP between 1900 and 1909, had its maximum level (149% of GDP) in 1881, the year in which he began to count, and its minimum in 1975 (7.3% of GDP)

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