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Spanish public debt hit record in June on COVID spending, above 100%/GDP

A construction worker stands on a scaffolding at the Bank of Spain in central Madrid, Spain, November 13, 2015. Spanish national consumer prices fell 0.7 percent year-on-year in October according to final data from the National Statistics Institute (INE) on Friday, in line with preliminary estimates and compared with a 0.9 percent drop a month earlier. REUTERS/Andrea Comas

MADRID (Reuters) - Spanish public debt rose to a new record of 1.29 trillion euros ($1.53 trillion) in June, mainly lifted by spending linked to the impact of the coronavirus pandemic, Bank of Spain data showed on Tuesday.

The total debt rose by 32 billion euros from the preceding month, pushing the debt-to-GDP ratio to 110% according to Reuters calculations based on quarterly economic data released by the National Statistics Institute (INE) late last month, from just below 100% as of the end of the first quarter.

The Bank of Spain did not publish the debt-to-GDP ratio.

The government revised the 2020 budget deficit forecast to 10.34% of GDP in May and said it expected the debt ratio to rise to 115.5% of GDP at the end of 2020.

The Bank of Spain said in June the debt-to-GDP ratio could rise up to 126.7% in 2020 in a worst-case scenario.

($1 = 0.8405 euros)

Reporting by Inti Landauro and Jose Rodriguez, editing by Andrei Khalip

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