Documentos de trabajoJoan Daniel Pina, Oriol Aspachs
  • The recent slide in economic growth has renewed the doubts about the future path of Spanish Public Debt.
  • The Excessive Deficit Procedure (EDP) measure of public debt reached 68.5% of GDP in 2011. Satisfying the fiscal consolidation targets will allow to stabilize it around 85% of GDP.
  • The items not included in the EDP definition of public debt added up to €171 bn in 2011 Q3, placing the total unconsolidated liabilities of the General Government at 82% of GDP. The weight of these items has slightly decreased during the 2007-2011 period.
  • Spanish public debt as defined in the EDP is one of the lowest in the Eurozone. This is still the case when we consider the ratio of total liabilities of the General Government to DGP.
  • Payable accounts doubled their size between 2006 and 2011 but the ratio with respect to total liabilities was 10% in September 2011, close to the level it was in September 2006.
  • The increase in the level of payable accounts is not motivated by an increase in the funding of any particular public administration.
  • The debt of public corporations which is not included in the EDP definition of public debt remained unchanged in 2011 at 5.2% of GDP.