The Bank of Spain published its monthly advance balance of payments data showing that, on a 12‑month cumulative basis through August 2025, Spain’s net lending position (current and capital accounts combined) stood at 4.1% of GDP (EUR 67.6 billion), down from 4.4% a year earlier. The current account surplus narrowed to 2.9% of GDP (EUR 48.6 billion), while the capital account surplus was 1.2% of GDP (EUR 19.0 billion). A larger tourism surplus partly offset weaker non-tourism goods and services. The tourism balance rose to 4.3% of GDP (EUR 70.3 billion) from 4.2%, while the cumulative balance on non-tourism goods and services moved to -0.4% of GDP from roughly zero, and the income deficit narrowed to -0.9% of GDP. The financial account excluding the Bank of Spain recorded a balance of 2.4% of GDP (EUR 39.5 billion), down from 5.4%, largely due to “other investment” declining to 0.6% of GDP from 6.3%; direct investment increased to 1.8% of GDP and portfolio investment was close to balance at -0.1% of GDP. The Bank of Spain scheduled the next monthly balance of payments release (September 2025) for 28 November 2025, and the third-quarter 2025 balance of payments and international investment position for 23 December 2025, alongside revisions to earlier quarters. Additional annual details are due to be updated on 14 April 2026.
Bank of Spain 2025-10-31
Bank of Spain reports Spain’s net lending eased to 4.1% of GDP through August 2025 as the current account surplus narrowed
The Bank of Spain reported that Spain's net lending position decreased to 4.1% of GDP (EUR 67.6 billion) over the 12 months to August 2025, down from 4.4% a year earlier. The current account surplus narrowed to 2.9% of GDP, while the capital account surplus was 1.2% of GDP. A larger tourism surplus partially offset weaker non-tourism goods and services, with the financial account balance excluding the Bank of Spain falling to 2.4% of GDP.