The Banco de España published new public debt data on 30 September 2026 under the Protocolo de Déficit Excesivo (PDE) published. According to the figures, the debt ratio of Spain’s public authorities (Administraciones Públicas) stood at 101.4 per cent of gross domestic product in the second quarter of 2026. This is a fall of 1.8 percentage points compared with the same quarter a year earlier. Nominal debt rose at the same time to €1,762,936 million, or around €1.763 trillion.
The PDE figures now presented cover the full quarter and follow the harmonised methodology used for European fiscal surveillance. They differ from the ongoing monthly figures published by the central bank during the year. Most recently, the Banco de España reported a ratio of 101.5 per cent for June 2026 and a fall to 99.9 per cent for July 2026. The quarterly figures are nevertheless decisive for European comparability, as they consistently follow the PDE methodology.
The central bank attributes the fall in the ratio mainly to nominal gross domestic product growing faster than the stock of debt. As a result, debt fell relative to economic output, even though its nominal volume continued to rise. The statistics also include a sectoral breakdown for central government (Administración Central), Comunidades Autónomas, Corporaciones Locales and Seguridad Social. Their shares and individual trends are documented in the publication’s tables.
Interpreting the figures requires separating structural from cyclical effects: changes in the ratio result not only from new borrowing but also from price and wage developments, which affect nominal GDP. In the short term, the lower ratio eases fiscal pressure under the European rules. At the same time, the high level of nominal liabilities remains, highlighting the interest burden and dependence on market conditions.
Statements about future trends are conditional. They depend on growth, the course of inflation, public-sector primary balances and the financing decisions of public authorities. The PDE statistics serve as a reference for national authorities, EU institutions and market participants assessing the sustainability of public finances over time and in comparison with other European countries.
Editor: Daniel Mayer (Article created with AI assistance).