Changes

Within Spain, this rise in public deficit entailed a further increase in the cumulative debt of the regions in relation to their Gross Domestic Product (GDP). This ratio had been stabilising or even slightly decreasing after the peak from 2015 and 2016 (see the map on the [[:File:Cumulative public debt of the Regional Administrations|''Cumulative public debt of the Regional Administrations'']]). Just as there are disparities between the different EU states, also the different Spanish regions show sharp contrasts. In some, such as the Region of Madrid (Comunidad de Madrid), the Basque Country (Euskadi/ País Vasco) and Navarre (Navarra), the debt did not exceed 20% of GDP in 2020 and indebtedness with the national administration was non-existent. Others, such as the Region of Valencia (Comunitat Valenciana), are in debt to the tune of nearly 50% of their regional GDP, and four-fifths of this debt is owed to the national Public Treasury. These historical disparities in regional debt levels, which were further sharpened by the pandemic, may largely be explained by regional differences in income per capita, tax bases and the complexity of the tax revenue distribution system between the different regions in Spain.

{{ANEAutoria|Autores= Juan Miguel Albertos Puebla y José Luis Sánchez Hernández}}