Spain's public debt reaches record high of 93.9% of GDP

Spanish public debt reached a new record high in 2013 at 960.6 billion euros (1.3 trillion U.S. dollars), which represented 93.9 percent of the country's GDP, according to data published Friday by the Bank of Spain. The bank reported the debt of Spain's central administration reached 836.127 billion euros, the highest amount since 1995, representing 81.7 percent of the country's GDP. The figure meant a 0.5 percent increase on a quarterly basis, while in annual terms it experienced a rise of 9.99 percent. The debt of Spanish regions reached a record high with 206.797 billion euros of debt, a 5.1 percent more than the debt of the third quarter in 2013. In annual terms, the debt of Spanish regions increased by 11.51 percent. The debt of local governments fell by 0.7 percent to 41.49 billion euros from the third quarter to the fourth one. The figure meant a 1.1 percent fall in annual terms. Spanish public debt has been increasing since the economic crisis in 2008.