The Bank of Spain reported that the Spanish economy’s net lending reached EUR 60.6 billion, or 3.5% of gross domestic product, in the 12 months through May 2026. This was 0.8 percentage points above the 2014-2019 pre-pandemic average but below the 4.2% recorded a year earlier. The current account surplus declined to 2.5% of GDP from 3% in May 2025, while the capital account surplus remained historically high at 1%, largely reflecting transfers linked to the Next Generation EU program. The tourism surplus was 4.2% of GDP, broadly in line with recent record levels, while non-tourism goods and services recorded a 0.4% deficit and the income deficit widened to 1.3%. The 12-month financial account balance excluding the Bank of Spain rose to 4.8% of GDP from 4.1%, driven by an increase in the portfolio investment balance to 1.6% from 0.1%. For May alone, net lending fell to EUR 2.9 billion from EUR 7.5 billion a year earlier, despite a higher tourism surplus.
Bank of Spain2026-07-31
Bank of Spain reports Spain’s net lending at 3.5% of GDP in the 12 months through May 2026
The Bank of Spain reported that Spain’s net lending reached EUR 60.6 billion, or 3.5% of GDP, in the 12 months through May 2026. The current account surplus was 2.5% of GDP, supported by a 4.2% tourism surplus, while the capital account surplus remained elevated at 1%. Monthly net lending declined to EUR 2.9 billion from EUR 7.5 billion a year earlier.