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Spanish National Debt Stands at 62.5 Pct of GGDP

Fri 16th Sep 2011

The Bank of Spain released data earlier today revealing how the nation's debt increased to 65.2% of GDP in Q2 of this year, it's highest level in 14 years.

The increase comes as a result of large government budget deficits that peaked at 11.1% of GDP in 2009, and have been projected to be reduced to around 6% of GDP for 2011. Spain's overall debt is still one of the lowest in the euro zone, but has climbed significantly from 36.2% of GDP in 2007, before the crash of the property market, which marked the start of the slide into recession.

The Bank of Spain also revised up its estimate for first-quarter debt - down to 63.8% of GDP from the 63.6% forecast earlier in the year.

Regional debt increased once again - reaching a peak of 12.4% of GDP.

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