Spanish public debt hits new record in 2013

MADRID: Spain reported Friday its public debt soared to a new record high in 2013 despite a slew of budget-cutting measures, ballooning to nearly 94 percent of the economy's entire annual output.

Public debt in the eurozone's fourth-largest economy leapt to the equivalent of 93.9 percent of gross domestic product in 2013, up sharply from 86 percent in 2012, the central bank said. In 2007, Spanish public debt represented just 36.3 percent of GDP.