The Canary Islands closed the year 2022 with a public debt per capita of 2,948 euros, the lowest among all the autonomous communities. The data recorded by the archipelago, according to data published by the Bank of Spain, is equivalent to less than half of the average per capita debt of all the autonomous regions, which stood at 6,682 euros. After the Canary Islands, Asturias was in second place, with 4,190 euros, followed by Andalusia, Galicia and Navarra.
The Canary Islands are also among the autonomous communities with the lowest debt in relation to Gross Domestic Product (GDP), with 13.9%, ten percentage points lower than the average for the autonomous communities, which was 23.9%. In absolute terms, it recorded a debt of 6,516 million.
In relation to GDP, the islands are the third least indebted community, behind only Madrid (13.5%) and the Basque Country (13.7%).
With regard to per capita debt, the highest figures were recorded in Catalonia, with 10,981 euros; Valencia, with 10,848 euros; and Castilla La Mancha, with 7,570 euros.
The debt of all public administrations closed the 2022 financial year at 1.502 trillion euros, which represents an increase of 75.305 million compared to the previous year, although it reduced its weight on GDP to 113.2%, placing it below the central government's target.
According to data handled by the General Directorate of the Treasury of the Ministry of Finance, Budgets and European Affairs, the general administration accounts for 97.27% of regional government debt. Exposure to interest rate risk is minimal (92% at a fixed rate), while exposure to currency risk is zero (100% euros).
All debt is formalized in the long term, although short-term lines are available.
The average cost of the Canary Islands' debt stood at just 0.8% at the end of 2022. The significant increase has been a consequence of the refinancing and the increase in the cost of new financing.
The Canary Islands has an A rating similar to that of the Kingdom of Spain, according to S&P. The agency has not changed the stable outlook from September 25, 2019 to November 25, 2022.
