Series: Economic Notes.
Author: Mario Alloza, Mar Delgado-Téllez, Blanca García-Moral and Víctor González-Díez.
Topics: Competitiveness | Government debt | General government | Economic growth and convergence | Credit.
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Abstract
This note analyses the situation of Spanish general government debt in 2018. Public debt fell to 97.1% of GDP, owing mainly to high economic growth. The average life of the debt stood at 7.5 years, with securities representing 86.4% of total debt and with the holdings of non-residents accounting for a higher share. By sub-sector, central government continues to be the most indebted, with 86.7% of GDP, although financing to other sub-sectors has increased up to 18.9 pp of GDP. Lastly, this article offers a detailed description of the ongoing local government deleveraging.