Last updated: March 13th, 2014


Evolution of the public debt in the euro area since 2003

in % of the GDP (Gross Domestic Product)

 EST LUX SLO SK LV FIN ES CY NL MT AT FR DE PT IRL BE IT GR
2003 6,3 27,9  44,348,7 52,0 64,662,963,856,931,198,6104,397,9
2004 6,4 27,6  44,146,2 52,4 63,864,965,658,329,594,2103,898,6
2005 6,2 27,4  41,443,0 52,3 63,466,767,863,727,492,2106,298,0
2006 6,6 27,1  39,239,7 47,9 61,764,267,564,825,188,2106,895,3
20073,7 6,7 23,129,6 35,236,158,3 45,362,0 60,763,964,968,325,084,2103,6105,4
20084,6 13,621,927,8 34,139,848,3 58,261,5 63,867,766,371,644,489,6106,3110,7
20097,2 14,635,235,4 43,853,358,0 60,867,6 69,678,373,583,065,696,2116,1127,1
20106,6 18,438,041,044,548,460,160,8 62,768,0 72,381,783,293,096,296,8119,0142,8
20116,0 18,247,643,342,048,669,171,6 65,272,0 72,285,881,2107,8108,298,0120,1165,3
201210,1 20,854,152,140,853,684,286,6 71,272,1 73,490,281,0123,6117,699,6127,0156,9
201310,0 23,171,755,438,157,093,9111,7 73,573,0 74,593,578,4129,0123,7101,5132,6175,1
2014        97.7        126  132177

Source: ECB & European Commission

Economy: Spain isn't that bad

The table above shows the evolution of the public debt in the euro area, from 2003 to 2014. With a public debt amounting to 60% of its GDP (danger limit considered by economists: 100%), Spain, if not staying in the forefront, is at least among the “good alumni” in the European Union.

And this table shows something else; when the global economy is running well, Spain does pay its debt back: for example between 2003 and 2007, Spain has reduced its debt, passing from over 48% to almost 36%. A quarter less. Who did better ?

So yes, since 2008, Spain had bigger deficits to boost an economy battered by the “subprimes” crisis, yes its debt swelled, but its flexibility margin still is important. And no, by buying a property in Spain, you will not find yourself one day owner of a house assessed in “maravidis” of questionable value.

And even considered as an investment, a property in Spain can now be interesting: whereas the consumer prices rose, even slightly, the Spanish real estate dropped by 30%. In the triangle “performance - security - liquidity” it may be a medium liquid investment, but it offers an attractive return over the years, whose interests additionally are paid by the pleasure of staying there, as often as possible.

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