Public debt of Spain's economy recorded its historical high at the end of 2012 mainly due to more requirements for federal and autonomous funds. Spain's public debt reached 84.1% of the country's gross domestic product in 2012 compared to 69.3% in 2011, while the ceiling set by the EU is 60%. However, the EU was expecting the debt to grow to 88.4% in 2012 and it forecast a level of 95.8% for 2013.