Spanish national debt soars to record high of 93.9 per cent of GDP
Tuesday, March 18, 2014 @ 12:36 PM
SPAIN'S public national debt soared by 8.58 per cent in the last quarter of 2013, reaching 93.9 per cent of the GDP – the highest in the country's history.
Although this is below the limit imposed on Spain of 94.21 per cent of the Gross Domestic Product, it is still the highest ever seen in the country and the majority of it was racked up by the central government.
Of the 960.64 billion euros owed as at the end of last year, a total of 836.13 billion corresponds with the central government – a total of 81.7 per cent of the GDP – compared to 73.9 per cent at the end of 2012.
In total, public debt at State level has gone up by nearly 10 per cent in a year, despite the PP government president Mariano Rajoy insisting that the economy is improving.
Read more at thinkSPAIN.com