• The Government's commitment to fiscal consolidation has allowed the debt-to-GDP ratio to have been reduced by four tenths more than what was foreseen in the Budget Plan
  • In 2019, the reduction in the GDP debt ratio was 2.1 percentage points; added to the point that was reduced in 2018, they represent a decrease in two years much higher than that achieved in the 2014-2017 period

According to the data of the Bank of Spain, the debt of the Public Administrations was reduced in 2019 to 95.5 of the Gross Domestic Product (GDP), which represents a reduction of 2.1 percentage points over the end of 2018 and the figure lowest since 2012.

The fiscal consolidation process promoted by the Government is allowing the sustained reduction of the ratio of public debt to GDP. Thus, the decrease in 2019 has been four tenths higher than the target sent in October by the Government to the European Commission in the 2020 Budget Plan, which was 95.9% of GDP.

The effort in reducing the debt of 2.1 percentage points in 2019 adds to the one recorded in 2018, in which the decrease was 1 point. The reduction achieved in these two years, of 3.1 percentage points, is much higher than in the 2014-2017 period, in which the ratio fell 2.1 points, from 100.7% to 98.6%.

This decrease has been possible thanks to the significant decrease in the net issuance of the Treasury, which stood last year below 20,000 million euros, the lowest figure since 2007, to the confidence of investors in the Spanish economy, which it is translating into a sustained reduction of the risk premium, and to the more efficient management of the treasury of the Public Administrations.

In December 2019, the debt of the Public Administrations, according to the Excessive Deficit Procedure (PDE), reached a balance of 1,188,893 million euros.

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