In 2016, the public debt/GDP ratio fell for the second year running since 2008, dipping to 99.4% against 99.8% in 2015 (see Chart 1). The combination of high economic growth and a favourable deficit-debt adjustment1 has enabled the effect of the budget deficit on general government debt to be offset. In the euro area this ratio stood at 89.2%, a figure also slightly down on that of 90.3% recorded in 2015. This note describes developments over the past year in Spanish general government debt, drawing on the statistics released by the Banco de España. In this connection, the second section analyses how the concept of public debt most habitually used in the European Union – that defined in accordance with the Excessive Deficit Protocol (EDP) 2 criteria – has changed, on the basis of the behaviour of its fundamentals and of its breakdown by level of government, maturity, instrument and holder. The third section shows the main factors that have affected the deficit-debt adjustment, which enables general government net borrowing (deficit) to be reconciled with the changes in the stock of EDP debt. Finally, the fourth section reviews the course in 2016 of other variables related to general government debt3, such as total liabilities, net debt, contingent liabilities and the debt of public corporations.