Spain's public debt reaches 92.2 pct of GDP in Q2 2013

The Spanish public debt reached 942.758 billion euros (1,251.994 billion U.S. dollars) in the second quarter of the year, representing 92.2 percent of the country's gross domestic product (GDP), the Bank of Spain reported on Friday.This is the highest level of the Spanish public debt since 1995 and surpasses predictions of the Spanish government, who had forecasted the country's public debt would represent 91.4 percent of the country's GDP by the end of 2013.In annual terms the Spanish public debt increased by 17.1 percent, representing 77.5 percent of Spain's GDP in the second quarter of 2012 and 90.2 percent in the second quarter of 2013.carbon clothThe growth in the second quarter of the year is mainly due to the increase in the debt of Spain's central administration,Cast iron clawfoot tubs which rose by 20.31 percent in annual terms to 818.375 billion euros.The debt of the Autonomous Communities stood at 193.296 billion euros in the second quarter, increasing by 14.84 percent from 168.315 billion of the second quarter of 2012.

In absolute terms, Catalonia (in the northeast of Spain) is the most indebted region with 51.779 billion euros of debt followed by Comunidad Valenciana and Madrid whose debt reached 29.235 billion and 22.glass refill663 billion euros respectively.Meanwhile, the debt of Spain's local governments fell by 4 percent in annual terms to 43.153 billion euros, which represented 4.2 percent of GDP. Madrid,wheel aligner the capital of Spain, is the most indebted local government with 7.389 billion euros of debt.Friday also saw the Bank of Spain publish data about the debt of Spanish banks to the European Central Bank (ECB) that totaled 246.2 billion euros in August.The debt dropped by 36.7 percent in August 2013 in comparison with 2012, when the debt had peaked at 388.736 billion euros.The fall was mainly due to the financial aid provided by the European Union (EU) to Spanish banks, which allowed them to reduce the amount of money requested to the ECB.The debt of Spanish banks to the ECB has been falling for 12 consecutive months,crystal light decreasing by 0.8 percent from July to August 2013. (1 euro = 1.33 U.S. dollars)