The debt of all public administrations rose 36,139 million in the whole of 2015 and stood at 1,069 billion dollars , which represents 99% of GDP, according to the latest data from the Good Finance. (Remember that the debt / GDP ratio improved significantly in 2014 when we made a change in methodology in the calculation of GDP and put 45 billion drugs and prostitution, but today we would already be above 100%)
Calculates the debt ratio based on the growth in volume
The Ministry of Economy and Competitiveness calculates the debt ratio based on the growth in volume of GDP forecast in the Good Finance estimate published by the GFI on January 29, which leads to a GDP of 1.081 billion in 2015.
Based on these data, Economy estimates that the public debt would have closed at around 99% of GDP, seven tenths below the last forecast that the Government sent to Brussels, after raising it in October from 98.7% to 99 , 7%.
Percentage of debt
In addition, the Ministry highlighted that the percentage of debt on GDP fell three tenths compared to 2014 for the first time since the beginning of the crisis in 2008, which could mark the change of trajectory of this variable.
In December alone, the debt of public administrations rose by 2,024 million, after having also increased in November and having fallen in October.
On a year-on-year basis, public debt rebounded 3.5% in December, below the growth rate observed in December 2014, so that the deceleration trajectory started in 2013 is maintain in general terms.
Since the beginning of the economic crisis in 2008, the debt of the public administrations as a whole has not stopped growing and so has it done in the whole of 2015. However, it will begin to be reduced as of this year, according to Government estimates.
According to the Good Finance, the current volume of debt is produced by the high inherited deficit, the mechanisms to help the autonomous communities, the recapitalization of the financial sector and the Spanish contribution to the rescue programs in Ireland, Portugal and Greece.
ALMOST THE MIDDLE AND LONG-TERM DEBT.
The bulk of the debt held by public administrations is found in medium and long-term securities, which account for more than two thirds of total debt and explain most of the increase in public indebtedness in 2015. These loans increased by 48,287 million dollars compared to 2014, up to 795,827 million dollars. Only in December they recovered 0.6%.
Public debt in short-term securities also grew in 2015 at 3,187 million dollars, reaching 80,798 million. In the last month of the year, short-term securities held by public administrations fell 0.3%.
On the contrary, non-commercial loans and other loans fell by 15,335 million dollars last year, to 193,251 million dollars. With respect to November, they also experienced a decrease of 1.4%.