Spain public debt hits record high in 2013

Official figures show Spain’s public debt has soared to a new record high last year despite numerous budget-cutting measures implemented due to financial crisis.

The country’s central bank released the data on Friday, revealing that the government’s debt reached 93.9 percent of Spain’s gross domestic product (GDP) in 2013.

The figure showed a sharp rise compared to the previous record of 86 percent registered a year earlier.

The country has been struggling to deal with its worst economic crisis since World War II, which has left millions of Spaniards jobless and unable to make a living.

A fifth of Spain’s population is living under the poverty threshold as defined by the Eurostat. The dearth of jobs and the deepest austerity in more than 30 years have pushed average household income down 10 percent since 2008.

Prime Minister Mariano Rajoy’s government has been sharply criticized over its austerity measures.

Spaniards have staged numerous protests against the government’s spending cuts, arguing that austerity measures have resulted in more job losses in recent years.

According to the Labor Ministry, more than 4.8 million Spaniards were unemployed in January.