Overview
- Bank of Spain data for Q3 2025 show public debt at €1.709 trillion, up €18.408 billion from Q2 and €73.599 billion year over year.
- The debt-to-GDP ratio eased to 103.2% from 103.4% in Q2 and 104.2% a year earlier.
- By subsector, central government debt stood at €1.571 trillion (94.8% of GDP), regions at €338.804 billion (20.4%), local entities at €22.477 billion (1.4%), and Social Security at €126.173 billion (7.6%).
- Only five regions remain below Spain’s 13% reference—Navarre, Canary Islands, Madrid, Basque Country, and Asturias—while Valencian Community (40.5%), Region of Murcia (30.2%), Castile-La Mancha (28.5%), and Catalonia (28.4%) post the highest ratios, with Catalonia trimming its burden in the quarter.
- Galicia’s debt fell to €12.051 billion, or 14.2% of GDP, improving on the quarter and year yet still above the 13% reference.