The Bank of Spain published balance of payments, international investment position and external debt statistics for the first quarter of 2025. Spain’s net international investment position moved further into net liability to -44.5% of GDP (EUR -717.4bn) from -43.5% at end-2024, while gross external debt stood at 162% of GDP (EUR 2.612trn) versus 162.8% in the previous quarter. Net lending over the latest four quarters increased to 3.9% of GDP (EUR 63.5bn) from 3.7% a year earlier. Excluding the Bank of Spain, the net position was -34.1% of GDP, with portfolio investment net liabilities widening to -25.0% of GDP and direct investment net liabilities narrowing to -13.9% of GDP, while other investment remained a net asset position of 4.4% of GDP. The deterioration excluding the Bank of Spain was driven mainly by valuation and other effects of EUR -37.8bn, partly offset by net transactions of EUR 9.4bn, including negative price effects (EUR -21.4bn) and exchange-rate revaluations (EUR -15.7bn). By sector, general government net liabilities increased to -41.7% of GDP and monetary financial institutions’ net external asset position fell to 3.6% of GDP, while the Bank of Spain’s own net position improved to -10.4% of GDP; excluding the Bank of Spain and intercompany direct investment debt, general government external debt rose to 46.0% of GDP while monetary financial institutions and other resident sectors edged down to 41.2% and 18.4%. For the quarter, net lending was EUR 10.1bn, as a wider goods deficit (EUR -13.1bn) was more than offset by a larger services surplus (EUR 22.5bn), with non-tourism services and tourism contributing EUR 9.2bn and EUR 13.3bn respectively. An advance estimate for the April 2025 balance of payments will be released on 30 June 2025, and the second-quarter 2025 quarterly release will be published on 23 September 2025 with revisions back to the first quarter of 2022 and to the fourth-quarter 2021 international investment position, with additional annual details updated on 14 October 2025.
Bank of Spain 2025-06-23
Bank of Spain reports Spain’s net international investment position at -44.5% of GDP in Q1 2025
The Bank of Spain released Q1 2025 statistics showing Spain's net international investment position worsened to -44.5% of GDP (EUR -717.4bn), while gross external debt was 162% of GDP (EUR 2.612trn). Net lending increased to 3.9% of GDP (EUR 63.5bn), driven by a larger services surplus offsetting a wider goods deficit.