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Spain's Government Debt Rose to 117.1% of GDP in 2020

MADRID, Feb 17 (Reuters) - Spain’s public debt ended 2020 at 117.1% of gross domestic product as the coronavirus pandemic and the measures imposed to curb it lifted borrowing and led to a deep economic contraction, the Bank of Spain said on Wednesday.

Debt as a percentage of GDP increased by more than 20 percentage points in 2020 from the 95.5% recorded in December 2019, the Bank of Spain’s data showed.

The debt’s total value rose 122 billion euros ($147.16 billion) in 2020 to 1.31 trillion euros, mainly as a result of increased government spending on direct aid to people and companies affected by the pandemic, the economy ministry said on Wednesday.

Spain’s economy shrank by a record 11% in 2020 from 2019.

($1 = 0.8290 euros)

(Reporting by Inti Landauro, editing by Andrei Khalip and Kim Coghill)

Source: Reuters


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