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Spain's public debt soars to 88.2 pct of GDP in Q1

Source: Xinhua - Sat 15th Jun 2013
Spain's public debt soars to 88.2 pct of GDP in Q1

The Spanish public debt climbed to 88.2% of GDP to reach 922.828 billion in Q1 of 2013, hitting a record high according to new data released on Friday by the Bank of Spain.

In annual terms the Spanish public debt increased by 19.09% since Q1 of 2012, while on a quarterly basis the country's public debt increased by 4.4% since the last quarter of 2012, when it had reached 883.848 billion.

All three tiers of the Spanish administration (central, regional and local) experienced increases in their public debt.

The debt of the Spanish central administration rose from a previous 655.365 billion seen in Q1 2012 to 796.817 billion in Q1 of 2013 (76.2% of Spain's GDP).

The debt of the regional governments (Comunidades Autonomas) climbed to 189.589 billion in Q1 of 2013 from 146.395 billion in Q1 of 2012, which meant a 29.51% increase in annual terms.

Finally, the debt of Spain's local administrations stood at 4.1% of GDP in Q1, 42.795 billion, which meant a 16.1% increase after having declined for the last 2 consecutive quarters.