Bank of Spain reports Spain’s net lending at 3.7% of GDP in the 12 months to March 2025

The Bank of Spain published its monthly balance of payments advance for March 2025, showing that Spain’s net lending to the rest of the world stood at 3.7% of GDP over the previous 12 months, a level similar to a year earlier. The outcome reflected a current account surplus of 2.5% of GDP and a capital account surplus of 1.1% of GDP. Tourism strengthened further, with the tourism balance rising to 4.3% of GDP as receipts reached 6.2% of GDP, offsetting a deterioration in the balance of goods and non-tourism services to -0.4% of GDP, while the income balance remained at -1.3% of GDP. The financial account excluding the Bank of Spain recorded a 12‑month surplus of 5.3% of GDP, up from 2.4% a year earlier, driven mainly by portfolio investment shifting to a 1.0% of GDP surplus from a -3.3% deficit and direct investment turning positive at 1.4% of GDP, while the other investment surplus narrowed to 3.1% of GDP. In March alone, net lending was EUR 2.3 billion versus EUR 5.9 billion a year earlier, reflecting a move in non-tourism goods and services to a EUR 2.0 billion deficit, partly offset by a slightly higher tourism surplus of EUR 5.2 billion. The Bank of Spain scheduled publication of quarterly balance of payments and international investment position data for the first quarter of 2025 on 23 June 2025, including revisions back to the fourth quarter of 2024 and, for the international investment position, the third quarter of 2024. The April 2025 monthly balance of payments advance is due on 30 June 2025, with additional annual details to be updated on 14 October 2025.