Spain's public debt rose by 23.3 billion euros to 937.3 billion euros (102 trillion dollars) in May, or 89.6 per cent of its gross domestic product, the central bank said Wednesday. Spain's public debt was below 40 per cent of GDP before the global crisis hit the country in 2008 and sparked a meltdown of its once-booming construction sector, dpa reported. Debt is now expected to reach 91.4 per cent of GDP by the end of 2013. That would bring it close to the expected eurozone average of 95.5 per cent. The International Monetary Fund expects Spain's GDP to shrink by 1.6 per cent this year and to stagnate in 2014.
