General government debt fell to 104.4% of GDP in 2024 Q3, three percentage points lower than a year ago
December 13, 2024
The Bank of Spain published today its Quarterly Debt Statistics for the third quarter of 2024. These statistics show that the general government debt stock stood at €1.467 trillion at the end of September 2024, a quarterly decrease of €22,710 million (-1.5%) and an annual decrease of €35,704 million (-2.4%). As a percentage of GDP, the debt ratio fell by 3 percentage points year-on-year to 104.4% of GDP.
The decrease in the debt stock in the third quarter of 2024 was mainly due to a reduction in the debt issued by the State (€23,067 million) and the Social Security system (€1,987 million). These reductions were partly offset by an increase in the debt issued by the regional governments (€2,343 million) and the local governments (€1,209 million).
The decline in the debt ratio in the third quarter of 2024 was mainly due to the nominal GDP growth (5.6% year-on-year) and, to a lesser extent, to the decrease in the debt stock.
The following table shows the evolution of the general government debt stock and ratio in recent quarters:
|Quarter | Debt stock (€ billion) | Debt ratio (% of GDP) | |—|—|—| |2022 Q3 | 1,535.7 | 116.4 | |2023 Q1 | 1,507.1 | 113.8 | |2023 Q2 | 1,490.6 | 112.2 | |2023 Q3 | 1,489.7 | 111.4 | |2024 Q1 | 1,487.7 | 110.9 | |2024 Q2 | 1,489.9 | 110.7 | |2024 Q3 | 1,467.0 | 104.4 |
The Bank of Spain’s Quarterly Debt Statistics are compiled in accordance with the European System of Accounts (ESA 2010) and the methodological guidelines of the European Statistical System (ESS). The statistics are also in line with the recommendations of the International Monetary Fund (IMF) on public debt statistics.
The Quarterly Debt Statistics are published on a quarterly basis and are available on the Bank of Spain’s website.
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