Spain’s public debt reached a record €1.74 trillion at the end of the first quarter of 2026, according to Bank of Spain data. However, because the economy is growing faster, debt as a share of GDP fell to 101.6%, 1.7 points lower than a year earlier.
The headline figures
- Debt rose by €72.1 billion in a year, an increase of 4.3%.
- As a share of GDP, debt fell from 103.3% to 101.6%.
- The government expects the ratio to fall to 99.3% by the end of 2026, reaching the goal of getting below 100% a year earlier than planned.
Who owes what
| Administration | Debt | % of GDP |
|---|---|---|
| Central government | €1.602 trillion | 93.6% |
| Regions | €346.9 billion | 20.3% |
| Social Security | €136.2 billion | 8.0% |
| Local authorities | €20.7 billion | 1.2% |
The figures for each level do not add up to the total because debts between administrations — such as loans from the state to the Social Security system to cover its deficit — are eliminated in the consolidated figure.
The regions
Five regions kept their debt below the 13% of GDP limit set in Spain’s budget stability law: Navarra (8.6%), the Canary Islands (10.5%), the Basque Country (11.4%), Madrid (12.0%) and Asturias (12.0%).
The most indebted was the Valencian Community, at 40.4% of GDP, followed by Murcia (31.1%), Catalonia (27.8%) and Castilla-La Mancha (27.6%). The Balearic Islands sit in the middle of the table.
Local councils
Local authorities continue to reduce their debt, which fell 9.5% in a year. Among cities with more than 300,000 inhabitants, Madrid has the largest debt (€1.56 billion), followed by Barcelona (€1.2 billion) and Zaragoza (€519 million). Per resident, Zaragoza is the most indebted, at €749, while Las Palmas de Gran Canaria has no debt at all. Palma is among the large cities with relatively low debt.
The long road to 60%
Most of the debt is long-term: over 85% is in long-term securities, which reduces the risk from short-term changes in interest rates.
The government’s medium-term fiscal plan foresees a continued fall in the debt ratio, but does not say when Spain will reach the 60% of GDP reference level set in EU rules. That will depend on continued economic growth and on keeping deficits under control.
