February 17th, local time, according to data released by the Spanish Central Bank, the country’s total public debt by the end of 2020 reached 1311 trillion euros, equivalent to 117% of GDP.
The COVID-19 pandemic has hit the Spanish economy hard.
Supported by temporary employment regulations and unemployment benefit funds policies, the average income of Spanish households has not decreased much, but the public debt has surged.
In the past year, the country’s public debt has soared by 122 billion euros, which is almost equivalent to the total expenditure of the social security sector on pensions in a year.
According to the Spanish Central Bank, the country’s public debt reached a new high, the second largest increase since Spain entered the post-Franco era in 1975, after the 128 billion euros in the middle of the Great Depression in 2009.