Spain's Q3 public debt hits record high at €1.3 trillion

Spain's public debt reached a record high at 1.3 trillion euros in the third quarter of the year, representing 98.3 percent of the country's GDP, the Bank of Spain reported on Friday.

The debt rose 3.7 percent year-on-year and 1 percent since the second quarter of the year, the bank said.

The debt of the Spanish central administration rose by 4.8 percent in the third quarter year-on-year and reached 1.047 trillion euros. The figure represented 87.5 percent of Spain's GDP.

The debt of Spanish regions (autonomous communities) rose by 2.8 percent to 292.38 billion euros, which accounted for 24.4 percent of the country's GDP.

Meanwhile, the debt of local governments fell by 8.3 percent to 28.029 billion euros, representing 2.3 percent of GDP.

When the financial crisis started in 2008, the Spanish public debt drastically increased, representing 39.5 percent of the country's GDP that year against the current 98.3 percent.

Experts say that the high public debt is one of the biggest challenges Spain must face in 2019.