The Bank of Spain has published its monthly balance of payments advance showing that Spain’s 12 month accumulated financing capacity stood at 3.9% of gross domestic product in February 2026, equivalent to EUR 66.3 billion. The figure remained close to recent historical highs and above the 2014-2019 pre-COVID average, although it was slightly below the 4.2% of GDP recorded a year earlier. Within that total, the current account surplus was 2.9% of GDP, or EUR 49.3 billion, while the capital account surplus was 1.0% of GDP, or EUR 17.0 billion. The main current account components were broadly stable. The non-tourism goods and services balance remained at -0.2% of GDP, unchanged from a year earlier, while the tourism surplus reached 4.1% of GDP, or EUR 70.7 billion, close to the recent historical highs and slightly below the 4.3% of GDP seen in February 2025. Tourism receipts were 6.2% of GDP, unchanged from a year earlier, and the income deficit widened to -1.1% of GDP from -1.0%. In the financial account, excluding the Bank of Spain, the 12 month accumulated balance fell to 3.1% of GDP, or EUR 52.8 billion, from 7.9% a year earlier, mainly because other investment dropped to 0.8% of GDP from 4.8% and direct investment fell to 0.5% from 1.8%, partly offset by portfolio investment rising to 1.7% from 0.9%. On a monthly basis, Spain’s financing capacity in February 2026 was EUR 4.7 billion, slightly above EUR 4.6 billion a year earlier. The Bank of Spain said the advance for March 2026 will be published on 29 May 2026. First quarter 2026 balance of payments and international investment position data are scheduled for 23 June 2026, when revisions will also be made to the balance of payments and international investment position from the fourth quarter of 2025 and to the international investment position for the third quarter of 2025.
Bank of Spain 2026-04-30
Bank of Spain reports Spain’s 12 month financing capacity at 3.9% of GDP in February 2026
The Bank of Spain’s monthly balance of payments advance shows Spain’s 12‑month accumulated financing capacity at 3.9% of GDP in February 2026 (EUR 66.3 billion), slightly below 4.2% a year earlier but near recent highs and above the pre‑COVID 2014‑2019 average. The current account surplus was 2.9% of GDP (EUR 49.3 billion) and the capital account surplus 1.0% (EUR 17.0 billion), with a tourism surplus of 4.1% offsetting a small non‑tourism goods and services deficit and an income deficit of 1.1%. In the financial account excluding the Bank of Spain, the 12‑month accumulated balance fell to 3.1% of GDP (EUR 52.8 billion) from 7.9%, mainly due to lower other and direct investment partly offset by higher portfolio investment.