Spain public debt hits record high in second quarter: Bank of Spain
MADRID (AFP) -Spain’s accumulated public debt soared to a record high at the end of June, the Bank of Spain said on Friday, shattering government targets despite a relentless austerity squeeze.
Spain, which boasts the euro zone’s fourth-largest economy, had racked up an unprecedented public debt of 942.8 billion euros (S$1.6 trillion) by mid year, the bank said.
The figure was equal to 92.2 per cent of the nation’s total annual economic output – up 14.7 percentage points from the same period last year.
With just half of the year gone, Spain had already missed its target of limiting the public debt to 91.4 per cent of gross domestic product in 2013, the figures showed.