Spain's public debt rises to 101.6% of GDP in first quarter

Spain's public debt reached 101.6% of GDP in the first quarter of 2026, making it the fifth highest in the European Union. Source: Infobae This increase of one percentage point from the previous quarter contradicts the government's narrative of declining debt, according to some analysts. Source: El Español

EU-wide context

Across the eurozone, the debt-to-GDP ratio rose to 88.9% in Q1 2026, up from 87.7% in Q4 2025. Source: Infobae The highest ratios were in Greece (143.5%), Italy (138.9%), France (117.6%), and Belgium (109.1%). Spain's debt volume hit a record 1.739 trillion euros. Source: El Español

Criticism of government strategy

Critics argue that the government's reliance on GDP growth to lower the debt ratio is fragile. Organismos internacionales y economistas señalan que la estrategia se basa en el crecimiento del PIB y no en una reducción efectiva del gasto público. Source: El Español The data show that both the absolute debt and the ratio have risen, undermining the government's message of fiscal discipline.