According to data published by the Bank of Spain, the country's public debt in 2020 amounted to 1.311 trillion euros, an increase of 122.4 billion dollars in twelve months, reports by European News Headlines.
In relation to the volume of the Spanish economy, the debt was fixed at 117.1% of GDP, a significant increase from the 2019 figure of 95.5% of GDP. According to Economista, this ratio of public debt to GDP was the highest since 1902.
Such a significant increase in public debt was due to the increased cost of the state to provide financial assistance to Spanish businesses and households to support them during the spread of the COVID-19 pandemic and the restrictions imposed to contain the epidemic.
Under these conditions, the state paid 70% of the salary of employees during the suspension of their employment contract, and also provided assistance to individual entrepreneurs.
According to official statistics, the Spanish economy fell by 11% in 2020, marking the highest decline since 1970.
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