The debt of the General State Administration has increased by 53.2% since 2018, reaching 1.751 trillion euros. Per capita debt rises by 11,144 euros, while GDP per capita has barely grown by 1,620 euros.
Data from the Bank of Spain and Eurostat reveal that the debt of the General State Administration — which includes Central Administration, autonomous agencies, and Social Security — has reached 1.751 trillion euros in circulation. This represents an increase of 53.2% compared to 2018, when Pedro Sánchez arrived at Moncloa. In absolute terms, the debt has grown by 608.366 billion euros.
Per capita debt: 11,144 euros more per Spaniard
The Spanish population has increased from 46.65 million to 49.13 million during the same period, an increase of 2.48 million people. Nevertheless, per capita debt has skyrocketed by 45.5%, rising from 35,653 euros in 2018 to the current 46,797 euros. In other words, each Spaniard owes 11,144 euros more than seven years ago.
In contrast, GDP per capita has only grown by 6.4% during the same period, which translates to an increase of just 1,620 euros per person. The difference between the increase in debt and that of wealth results in a net impoverishment of 9,524 euros per inhabitant, according to calculations based on official figures.
92% of new debt concentrated in the central government
Of the total debt issued by all public administrations, the central government has accounted for 92%, while autonomous communities, provincial councils, municipalities, and their nearly 19,000 public bodies only account for 8%. This does not imply that these administrations are efficient, but rather that they have benefited from the increase in tax revenue.
Revenue from personal income tax and VAT has risen from 208.865 billion to 325.356 billion, an increase of 55.7%, and is heading towards 360 billion. Autonomous communities receive 50% of personal income tax, 50% of VAT, and 58% of special taxes, which has allowed them to incur less debt, although they have not reduced their previous debt.
"The difference between what we earn and what we owe has impoverished us by more than 9,500 euros," sources consulted based on data from the Bank of Spain and Eurostat indicate.
The context of inflation and the non-deflation of personal income tax withholding bases have boosted revenue but also increased the cost of living. The rise in public debt, combined with moderate economic growth, weighs down households' disposable income.
What it means for citizens' pockets
For the average citizen, this trend means that, although their salary may have increased, the burden of public debt they bear is growing ever heavier. Each Spaniard owes nearly 47,000 euros, a figure that is rising faster than their ability to generate income. In practice, this translates into greater future tax pressure to pay the interest and principal on that debt, or cuts to public services if sufficient growth is not achieved.
Experts warn that if the trend continues, the government's room for manoeuvre to tackle new crises diminishes. The debt-to-GDP ratio, which has slightly decreased in recent quarters due to nominal growth, remains one of the highest in the eurozone.
The upcoming General State Budgets, still pending approval, will be key to seeing whether debt is contained or, on the contrary, accelerates. Meanwhile, citizens continue to see their per capita debt increase without their personal wealth growing at the same pace.
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