Spain is mired in debt unprecedented in 100 years

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In 2020, Spain’s public debt rose to 1.311 trillion euros. It amounted to 117.1 percent of the country’s GDP. These are the data published by the Central Bank of Spain.

According to El Pais newspaper, the coronavirus pandemic has dealt a severe blow to the Spanish economy. The increase in social spending and debt also played a role.

During the year, the national debt increased by 20 percentage points (122 billion euros). In 2019, it was 95.5 percent. The last time the national debt was at 117% in 1902.

And the Spanish economy, against the backdrop of the COVID-19 pandemic, also showed the worst result in the entire history of statistics since 1970. So, in 2020, Spain’s GDP fell by 11%. At the same time, unemployment was higher than 16 percent.

Earlier it was reported that the UK economy experienced its worst recession in 300 years in 2020. The economic downturn has also been fueled by the coronavirus pandemic.