Spain's public debt reaches €1.73 trillion as internal borrowing surges

Data from the Bank of Spain show that the General Government debt stood at €1.729 trillion in May 2026, a 4 % increase over the same month a year earlier. The debt‑to‑GDP ratio measured under the Excessive Deficit Procedure fell to 100.2 % of nominal GDP, two percentage points lower than a year before, due mainly to inflation‑driven GDP growth.

The share of debt held within the public sector itself has risen sharply. Between April 2019 and April 2026, intrapublic debt grew from €259 billion to €387 billion – an absolute rise of €128 billion and a 49.3 % increase, now representing about 22‑23 % of consolidated debt. This reflects a “silent recentralisation” of financing, as more borrowing is absorbed by central state bodies rather than private savers. Central government debt reached €1.575 trillion, 91.2 % of GDP, while regional and local government debt remained lower, with autonomous community debt at €343 billion (19.9 % of GDP) and local government debt falling 9.4 % to €21 billion.