Spain’s public debt dropped to 100.8% of its GDP last year, driven by strong economic growth, according to the Bank of Spain.
At the end of 2024, Spain’s debt-to-GDP ratio stood at 101.7%, reflecting a slight decline. Despite this, Spain remains one of the most indebted countries in the European Union, ranking behind Greece, Italy, France, and Belgium.
In absolute terms, Spain’s public debt reached €1.699 trillion at the end of last year, an increase of 4.8% compared to the previous year.
However, with economic growth of 2.8% – almost double the eurozone average of 1.5% – the debt ratio improved relative to GDP. This growth was driven primarily by higher household spending and a robust tourism sector.
Spain’s public debt reached a peak of 124.2% of GDP in March 2021, largely due to emergency spending to support the economy during the Covid-19 pandemic. Since then, it has steadily decreased.
The country, led by the Socialist Party (PSOE) and Prime Minister Pedro Sanchez, is one of the few centre-left-led governments in Europe.
EU Member States are generally required to aim for public debt levels below 60% of GDP.
As of early 2026, the total US federal debt was approximately $38.59 trillion, with a debt-to-GDP ratio of roughly 124%.
