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Spain’s 2013 public debt highest in 100 years

Published time: February 17, 2014 19:43
Reuters / Susana Vera

Reuters / Susana Vera

​Spain's public debt is on its way to surpass total annual economic output, as it reached 93.7 percent of the country’s GDP in 2013. It stood at $1.317 trillion, which is three times as much as at the start of the crisis in 2008.

The historical series compiled by the IMF shows that a bigger debt to GDP ratio was fixed about a century ago, at about 123 percent, El Pais newspaper says.

Initially the government planned to cap the debt at 90.5 percent. But subsequently the figure was raised to 94.2 percent, driven by unemployment benefits to the increasing number of jobless and a $56 billion (41 billion euro) European bailout to clean up the banking system.

In the fourth quarter of last year Spain’s GDP grew the fastest in six years, while unemployment remained a huge drag on the recovery, as a 26 percent jobless rate in 3Q 2013 was still the second highest in Europe after Greece.

In the third quarter of 2013 the Spanish economy officially exited from a six-year-long recession, while the debt to GDP ratio hit 93.4 percent during the period, according to the European key statistics service Eurostat. To compare, in 2007, just ahead of the crisis, Spanish debt was equivalent to 36 percent of GDP, which was about half the average in Europe.

Although the Spanish government aims to stabilize the debt at 100 percent of GDP in 2016, the latest figures show that the debt could become equal to economic output in 2015.

Comments (7)

 

Francisco Gonzalez 18.02.2014 22:13

Oby Unthank 18.02.2014 07:42

Another interesting figure is savings as a % of GDP.
For Spain it is 19%, USA 13%, UK 11%.
Highes t is China with 50%

  

Basical ly in China and Iran it is forbidden not to put all your money in an artificially low interest national savings account. This simply means the Popular Republic of China and the Islamic Republic of Iran steal their citizens. This money is used by oligarchs to give credit to oligarchs in EU, Russia or US in order to get some influence and to help them squeezing working people.

 

Nod Dranoel nofiat.forme 18.02.2014 05:29

What I want to know, is why people are so clueless about what, how, and why the debt is.

money created out of nothing, by private bankers, and charged with interest to you and your country.

An d almost every country has one. The countries that do not, are getting bombed to smitherieens right now, and like Libya, they will get one.

And the bankers, control the world because of this control of money creation. This is fact .

Central banks.. Russia has one, China has one, Canada has one, US has one....

 

tateishi 18.02.2014 02:46

First we should note that now statistics are often the expression of manuplations by politicians and their stools, called "economists&quo t;. Also we have to get into the detail of debts. For example, the huge public debt of 230% or so are almost fully supported by Japanese money and the government has enough money to cover it. Japanese family has huge savings.
Now Spain, its economy is extremely bad:ask Spanish if their household economy has improved bits, as it came out "recession" ;. Answer is 100%, No. There are more and more beggars and more crimes. There are half finished buildings all over. Prices are going up.

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