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Spain's public debt reaches record high of 93.9% of GDP

Source: Xinhua - Sat 15th Mar 2014
Spain's public debt reaches record high of 93.9% of GDP

Spanish public debt reached a new record high in 2013 at 960.6 bln, which represented 93.9% of the country's GDP, according to data published Friday by the Bank of Spain.

The bank reported the debt of Spain's central administration reached 836.127 bln, the highest amount since 1995, representing 81.7% of the country's GDP.

The figure meant a 0.5% increase on a quarterly basis, while in annual terms it experienced a rise of 9.99%.

The debt of Spanish regions reached a record high with 206.797 bln of debt, a 5.1% more than the debt of Q3 in 2013. In annual terms, the debt of Spanish regions increased by 11.51%.

The debt of local governments fell by 0.7% to 41.49 bln from Q3 to Q4. The figure meant a 1.1% fall in annual terms.

Spanish public debt has been increasing since the economic crisis in 2008.

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