Spain's public debt-to-GDP ratio fell to 99.9% in July 2026, marking the first time the figure has dropped below the 100% threshold since February 2020. Data released by the Banco de España on Thursday shows the total debt reached 1.744 trillion euros in July.
The ratio decreased by 2.4 percentage points compared to July 2025, despite the absolute debt balance growing by 3.8% annually. The Spanish State's debt stood at 1.589 trillion euros, while Social Security debt rose 7.9% to reach 136.176 billion euros in July.
This decline follows a record high of 1.762 trillion euros in June 2026. The government expects the ratio to reach 99.3% by year-end, supported by a Medium-Term Fiscal and Structural Plan that outlines a downward trajectory for national debt in coming years.