Spain's public debt closed out in 2016 at around $1.18 trillion, some 98.98 percent of the country's gross domestic product, according to preliminary figures offered by the central bank on Friday.

These provisional figures from the Bank of Spain suggested the government would achieve its objective of easing public debt to 99.4 percent of GDP.

According to the bank, the combined debt of all public administrations grew 0.57 in Dec. 2016 from Nov., representing a 3.02 percent year-on-year increase.

The latest figures provided by the bank take into consideration the budget plan drawn up by the Spanish government at the request of the European Union.

The final statistics are due to be published on Mar. 2.