🇪🇸 Spain
Public Sector Debt · 2026
Total Debt
103.0%
of GDP
Global Rank
#26
of 192
Interest Burden
6%
of govt revenue
S&P Rating
A
Credit rating
SOE Debt
+1.4%
2 categories
Where the Debt Sits
Central Government
Central Government: 93.1%Subnational: 8.5%Infrastructure: 1.1%Public Corps: 0.3%
Who Holds This Debt
Holder Breakdown
Domestic 55%
Foreign 45%
Domestic: 55%Foreign: 45%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government93.1% of GDP
Central GovernmentEurostat — Government Debt (Maastricht)
93.1%Subnational / Regional8.5% of GDP
SubnationalEurostat — Government Debt (Maastricht)
8.5%Infrastructure SOEs1.1% of GDP
ADIF (rail infrastructure)ADIF Annual Report100% state-owned. Manages Spain's high-speed rail network. ~€17B debt.
1.1%Public Corporations0.3% of GDP
SEPI group (state holding company)SEPI Annual ReportHolds stakes in Navantia, Correos, Mercasa, and other state companies.
0.3%Total Corporate Debt77.0% of GDP
Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit. Down significantly from 2012 peak.
77.0%Household Debt43.0% of GDP
Household debtBIS Credit Statistics Q3 2025Down sharply from 85%+ pre-2008 crisis.
43.0%Unfunded Pension Liabilities507.0% of GDP
Public pension unfunded entitlementsINE, Eurostat Table 29 (2021)Highest unfunded pension liability in OECD. EUR 6,194B total. Nearly 100% PAYG with no significant buffer fund.
507.0%All Layers Total730.0%
Credit Ratings
S&P
A
Moody's
Baa1
Fitch
A-
Data Sources
Eurostat — Government Debt (Maastricht)general_government · Updated semi_annual
Dec 2024101.6% GDP
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