Bank of Spain publishes January 2026 balance of payments showing Spain’s 12‑month net lending at 3.9% of GDP

The Bank of Spain released its monthly balance of payments advance for the 12 months to January 2026, reporting that Spain’s net lending capacity remained high at 3.9% of GDP (EUR 66.2bn), close to recent historical peaks. The current account recorded a surplus of 2.9% of GDP (EUR 49.1bn), while the tourism balance stood at 4.2% of GDP. Compared with January 2025, net lending eased from 4.2% of GDP and the current account surplus from 3.1% of GDP, while the capital account was 1.0% of GDP (EUR 17.1bn). Non-tourism goods and services remained at -0.2% of GDP, tourism receipts were 6.2% of GDP (EUR 105.6bn), and the income balance showed a deficit of -1.0% of GDP. The 12‑month financial account balance excluding the Bank of Spain fell to 2.6% of GDP (EUR 44.3bn) from 9.0%, mainly reflecting lower “other investment” (0.4% of GDP versus 5.7%) and direct investment (0.4% versus 1.8%), partly offset by higher portfolio investment (1.7% versus 1.2%). By institutional sector, all sectors except general government contributed positively; general government recorded a more negative balance (-6.2% of GDP versus -4.1%), while other monetary financial institutions fell to 3.1% (from 8.0%). The Bank of Spain scheduled the February 2026 monthly balance of payments advance for publication on 30 April 2026. First-quarter 2026 balance of payments and international investment position data are due on 23 June 2026, alongside revisions 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.