Spain's debt-to-GDP ratio rose to 120% in fourth quarter 2020

Credit: REUTERS/MARCELO DEL POZO

Spain's public debt rose to the equivalent to 120% of its gross domestic product (GDP) in the fourth quarter of 2020 as a result of additional spending related to the pandemic, the Bank of Spain said on Wednesday.

March 31 (Reuters) - Spain's public debt rose to the equivalent to 120% of its gross domestic product (GDP) in the fourth quarter of 2020 as a result of additional spending related to the pandemic, the Bank of Spain said on Wednesday.

Spain's debt-to-GDP ratio was 95.5% at the end of the fourth quarter 2019 and 114% in the third quarter of 2020, according to data from the central bank.

The government to ramp up spending this year to cushion the effect of the pandemic, while the economic output slumped because of the restrictions on business.

Bank of Spain said last month that Spain's public debt reached 117.1% of gross domestic product at the end of December 2020.

(Reporting by Aida Pelaez-Fernandez; Editing by Inti Landauro)

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