MADRID: Spain’s public debt ended 2020 at 117.1 per cent of gross domestic product as the coronavirus pandemic and the measures imposed to curb it lifted borrowing and led to a deep economic contraction, the Bank of Spain said on Wednesday.
Debt as a percentage of GDP increased by more than 20 percentage points in 2020 from the 95.5 per cent recorded in December 2019.
The debt’s total value rose 122 billion euros in 2020 to 1.31 trillion euros, mainly as a result of increased government spending on direct aid to people and companies affected by the pandemic, the economy ministry said. — Reuters
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