The Bank of Spain has published the public administration debt figures for May 2026, reflecting a new historical record in absolute terms: €1.729 trillion, €66 billion more than a year ago.
The total debt of public administrations in Spain reached €1.729 trillion at the end of May 2026, according to data published this Friday by the Bank of Spain. This figure represents a year-on-year increase of 4%, equivalent to €66 billion more than in May 2025.
The Bank of Spain has detailed that the increase occurs in all subsectors, except for local corporations. The State accounts for the largest volume of debt, with €1.575 trillion, an increase of 4.4% compared to a year ago, representing 91.2% of GDP. Social Security also raises its debt by 7.9%, to €136 billion, while autonomous communities increase it by 2.1%, to €343 billion. Only local corporations reduce their debt, by 9.4%, to €21 billion.
The debt/GDP ratio decreases, but the total volume continues to rise
The Government has highlighted that the debt-to-GDP ratio has decreased by two points, to 100.2%, compared to 102.2% in May 2025. However, this percentage improvement is due to the growth of the nominal economy, not a reduction in liabilities. The absolute volume of debt continues to increase, something that Brussels is watching closely: the European Commission requires Spain to keep debt below 100% of GDP, a target that has not yet been achieved.
Since the end of 2025, total debt has grown by €31.2 billion. Of this increase, €26.1 billion corresponds to the State, €1.4 billion to autonomous communities, and €300 million to local corporations. Short-term debt also increases by 9.3% year-on-year, while long-term loans grow by 5.6% and long-term debt securities by 3.4%.
The cost of borrowing continues to pressure public accounts
The Bank of Spain's report reflects that reliance on borrowing remains a constant in State financing. Debt interest represents a growing item in the budgets, limiting fiscal space for other policies. For readers interested in the Spanish economy, this data indicates that, despite the improvement in the GDP ratio, the total volume of debt continues an upward trend that has not been reversed in recent years.
The evolution of public debt is a key indicator for the country's credit rating and investor confidence. Keeping debt below 100% of GDP is a commitment to Brussels that, according to current data, has not yet been fulfilled. The Bank of Spain will continue to publish monthly updates to monitor this path.
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