The Bank of Spain published updated balance of payments and international investment position statistics showing Spain’s net international investment position stood at -44.8% of GDP (EUR 755.3bn) in the fourth quarter of 2025, in line with recent historically low levels. Gross external debt was 163.6% of GDP (EUR 2,758.5bn), while Spain’s net lending (current plus capital account balance) was 4% of GDP (EUR 66.6bn) in 2025. Excluding the Bank of Spain, the net international investment position was a net liability of -36.7% of GDP, above the 2024 level (-30.3% of GDP) but close to the average in 2024 to Q3 2025. The deterioration during 2025 was driven mainly by “other flows” (EUR -174.6bn), largely from negative valuation effects via prices (EUR -118.8bn) and exchange rates (EUR -56.6bn), partially offset by positive transactions (EUR 38.8bn). By component, net liabilities increased in portfolio investment to -26.5% of GDP and in direct investment to -13.6% of GDP, while other investment remained a net asset position of 3.1% of GDP; by sector, monetary financial institutions moved to a net liability position (-1% of GDP) from a net asset position in 2024, and general government increased its net liabilities to -43.1% of GDP. Net lending in 2025 reflected a current account surplus of 2.9% of GDP, with a slightly lower tourism surplus (4.2% of GDP), a higher non-tourism services surplus (2.6% of GDP), and a wider goods deficit (-2.9% of GDP). The advance balance of payments data for January 2026 is scheduled for release on 31 March 2026. Quarterly balance of payments and international investment position data for Q1 2026 will be published on 23 June 2026, with revisions from Q4 2025 (and the international investment position for Q3 2025), and additional annual details will be updated on 14 April 2026.
Bank of Spain 2026-03-24
Bank of Spain reports Spain’s net international investment position at -44.8% of GDP in Q4 2025 and gross external debt at 163.6% of GDP
The Bank of Spain released updated statistics showing Spain's net international investment position at -44.8% of GDP (EUR 755.3bn) in Q4 2025, with gross external debt at 163.6% of GDP (EUR 2,758.5bn). The net lending position was 4% of GDP (EUR 66.6bn) for 2025, driven by a current account surplus of 2.9% of GDP. The deterioration in the investment position was mainly due to negative valuation effects, with net liabilities increasing in portfolio and direct investments.