SPAIN’S public debt soared to a record 94% of GDP in 2013 despite harsh budget-cutting measures.
Raised taxes, frozen public salaries and spending curbs on education and health failed to rein in bulging annual budget deficits and the fast-accumulating state debt.
The austerity drive sparked mass street protests.
Public debt rose to €960.6 billion at the end of 2013, the equivalent of 93.9 percent of gross domestic product for the year, the Bank of Spain said.
That was up sharply from 884.7 billion euros, or 86% of GDP in 2012.
In 2007, the year before a property crash plunged Spain’s economy into a five-year, double-dip recession that destroyed millions of jobs, Spanish public debt represented just 36.3 percent of gross domestic product.
The public debt for 2013 is still within the government’s forecast of 94.21% of GDP.
Spain’s government expects the public deficit to top 100 percent of GDP in 2015 before stabilising at about 101 percent in 2016; a figure well above the European Union-agreed ceiling of 60% of GDP.
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