Bank of Spain publishes November 2024 balance of payments showing Spain’s financing capacity at EUR 2.5bn

The Bank of Spain released its advance monthly balance of payments estimates for November 2024, showing Spain recorded external net lending (financing capacity) of EUR 2.5bn, down from EUR 4.6bn a year earlier. On a twelve-month rolling basis to November 2024, net lending rose to EUR 65.9bn from EUR 53.2bn in November 2023. In November 2024, the current account surplus was EUR 1.3bn, with a EUR 2.5bn surplus in goods and services. Tourism contributed a EUR 3.7bn surplus, with year-on-year growth of 17% in receipts and 12% in payments, while non-tourism goods and services moved to a EUR -1.2bn deficit from a EUR 1.6bn surplus a year earlier. Primary and secondary income showed a EUR -1.2bn deficit, and the capital account posted a EUR 1.3bn surplus. Over the past twelve months, the current account surplus reached EUR 49.4bn and the capital account surplus EUR 16.5bn, with the capital account noted as being significantly affected by Next Generation EU-related flows. The financial account excluding the Bank of Spain showed a EUR 19.2bn balance in November 2024, driven mainly by other investment at EUR 16.4bn, while the Bank of Spain’s own financial account recorded EUR -16.4bn. The Bank of Spain said the advance balance of payments for December 2024 will be published on 28 February 2025. Quarterly balance of payments and international investment position data for Q4 2024 are due on 24 March 2025, alongside revisions back to Q1 2024 and to the Q4 2023 international investment position, with additional annual details to be updated on 14 April 2025.