Spain's government debt hits 75.9 pct of its GDP

AP News
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Posted: Sep 14, 2012 7:10 AM
Spain's government debt hits 75.9 pct of its GDP

MADRID (AP) — Spanish government debt rose to 75.9 percent of its economy in the second quarter of the year according to figures published by the Bank of Spain.

The figure is up 9.2 percent year-on-year and is the highest ratio in at least 22 years. The total debt ascended to €804 billion ($1.0 trillion), up €99 billion year-on-year, Spain's central bank said in a statement Friday.

Central government spending increased by 4.4 percent to €617 billion, representing 58.3 percent of GDP.

Regional government spending grew by 2.8 percent to €151 billion, equivalent to 14.2 percent of GDP, also the highest level in at least 22 years.

The most indebted region in the second quarter was Catalonia with €44 billion followed by Valencia.