Public debt has grown by 61 billion in the last year but has moderated its weight in relation to GDP to 102.3%.

The Bank of Spain (BdE) today released its public debt figures for May. According to the institution headed by José Luis Escrivá , the overall debt balance for public administrations stood at 102.3% of GDP in May 2025, 2 percentage points lower than in the same period the previous year.

However, in terms of total debt, the debt has increased by €61 billion , an increase masked by the resulting GDP growth. In terms of total debt, the sector's debt increased by 3.8% year-on-year . By subsector, state debt grew by 4.4% year-on-year, that of the Autonomous Communities by 0.9%, and that of Local Corporations decreased by 1.1%.

According to the BdE, in absolute terms, the debt balance reached €1.663 trillion in May, representing a year-on-year growth rate of 3.8%. However, this represents a 0.24% decrease compared to the all-time high of €1.667 trillion reached last March.

The state's debt balance stood at €1.509 trillion , representing 92.9% of GDP. This figure has grown by 4.4% in the last year. For "Other Units of the Central Government," as the BdE refers to Sareb , the Financial and Savings Bank (BFA), and the Electricity Deficit Amortization Fund (FADE), the debt balance amounts to €35 million, representing 2.2% of GDP and a decrease of 8.3% compared to the previous year. The debt of the Social Security Administrations stands at €126 million, 8.6% more than the previous year, and represents 7.8% of GDP.

In other news, the debt of the regional governments will rise, according to the BdE, to €336 million in April 2025, equivalent to 20.7% of GDP and showing a year-on-year change of 0.9%. Meanwhile, municipal debt stood at €23 million this month (1.4% of GDP), 1.1% lower than the figure recorded a year earlier. Furthermore, consolidation across the public administrations as a whole—that is, the debt held by the various subsectors that comprise said sector—was €367 billion, an increase of 3.4% compared to the previous year, representing 22.6% of GDP.

The debt balance of all public administrations increased by €43 million compared to December of the previous year. Specifically, state debt increased by €36 million, while that of the Autonomous Communities decreased by €0.1 million, and that of Local Governments increased by €0.4 million.

Meanwhile, so far this year, Other Units of the Central Government have reduced their debt by €1.4 million , while, due to the consolidation effect, debt has increased by €8 million. Regarding debt evolution by instrument and maturity, debt issued in long-term securities registered year-on-year growth of 3.8%, while loans with maturities of more than one year decreased by 0.3% compared to the same month last year. Meanwhile, short-term instruments showed a positive year-on-year growth rate of 6.6%.