The Bank of Spain published preliminary balance of payments data showing that Spain’s net lending declined to 3.7% of gross domestic product (GDP), or EUR 64.7 billion, in the 12 months to August 2026, from 4.3% a year earlier. It remained 1 percentage point above the 2014-2019 average. The decline reflected a narrower current account surplus, which fell to 2.6% of GDP, or EUR 45.9 billion, from 3.2% a year earlier. The deterioration included a widening deficit in goods and services other than tourism, to 0.7% of GDP from 0.4%, and an increase in the income deficit to 0.9% from 0.7%. By contrast, the tourism surplus held at 4.3% of GDP, in line with recent historical highs. The capital account surplus also remained unchanged relative to GDP at 1.1%, or EUR 18.8 billion. This was more than twice its 2014-2019 average, mainly reflecting transfers linked to the Next Generation EU program. Separately, the financial account balance excluding the Bank of Spain increased to 7.2% of GDP, or EUR 125.7 billion, from 3.1% a year earlier. The increase mainly reflected larger positive balances in other investment, which rose to 3.6% of GDP from 0.7%, and portfolio investment, which increased to 1.9% from 0.6%.
Bank of Spain reports Spain’s net lending falls to 3.7% of GDP in the year to August 2026
The Bank of Spain reported that Spain’s net lending fell to 3.7% of GDP, or EUR 64.7 billion, in the 12 months to August 2026, down from 4.3% a year earlier. The current account surplus narrowed to 2.6% of GDP as deficits in goods and services other than tourism and in income widened. Tourism continued to generate a surplus of 4.3% of GDP, while the capital account surplus held at 1.1%, supported mainly by Next Generation EU transfers.