Spanish Business News

MADRID — Spain's public sector debt hit an 11-year high in the fourth quarter of 60.1 percent of gross domestic product, central bank figures showed Friday.

The public debt rose to 638.77 billion euros during the period, up from 611.89 billion euros or 57.9 percent of GDP in the third quarter.

The figure was slightly better than the government's forecast of 62.8 percent of GDP but it was still the highest level since 1999, when it reached 62.3 percent.

The public debt includes debt from the central government, the social security system and regional and local administrations, and is a key measure of the financial health of a country.

As an European Union member, Spain is required to keep its public debt below 60 percent of GDP.

Source: AFP