MADRID, April 22 (Xinhua) -- Spain's public debt exceeded 1.6 trillion euros (1.7 trillion U.S. dollars) in February, according to data published by the Bank of Spain on Monday.
The Bank confirmed an increase of 1.2 percent in January's debt, marking a 5.4-percent increase over the 12 months.
The increase is mainly due to higher expenses resulting from the COVID-19 pandemic, price increases, among others, which led to a rise in central government spending.
The spending of Spain's central government and autonomous communities has all increased. However, there has been no significant change in Social Security's debt. Reports also indicate that the debt of local authorities has slightly decreased.
The Bank of Spain's report did not provide a precise public debt ratio to the country's GDP. However, it revealed that the debt stood at 107.7 percent of GDP by the end of 2023, slightly lower than the 108.1 percent projected in September and the 109.7 percent projected in June. This reduction is primarily attributed to Spain's 2.5 percent economic growth last year.
The Spanish government estimates that the public debt-to-GDP ratio will fall to 106.3 percent this year, 105.4 percent in 2025, and 104.4 percent in 2026. (1 euro = 1.06 U.S. dollar)
