MADRID, March 27 (Xinhua) -- Spain's public debt increased by 4.7 percent year on year in 2023 to 1,574 billion euros (1,912 billion U.S. dollars), the Bank of Spain reported on Wednesday.
Spain's public debt-to-GDP ratio fell four percentage points in 2023 to 107.7 percent, partly due to the 2.5 percent growth in Spain's economy. The growth is also one of the highest rates in the eurozone, Economy Minister Carlos Cuerpo said on Tuesday.
The government had pledged to bring the ratio down to 106.3 percent at the end of 2024.
In a recent report, the European Union has warned that Spain, the fourth largest eurozone economy, must make "a greater effort to reduce the high public debt."
Although the ratio of public debt to GDP has been decreasing in Spain, the report noted that the risks to budgetary sustainability are considered high in the medium term. ■