The Bank of Spain published advance balance of payments data for February 2025 showing Spain remained a net lender to the rest of the world. The combined current and capital account surplus reached EUR 63.0bn over the 12 months to February (3.9% of GDP), up from EUR 58.1bn (3.8% of GDP) a year earlier, while the February monthly surplus was EUR 2.9bn. Over 12 months, the current account surplus was EUR 44.6bn (2.8% of GDP), with a larger tourism surplus offsetting a weaker balance in non-tourism goods and services and a deterioration in primary and secondary income. The capital account surplus increased to EUR 18.4bn, with the release noting a significant impact from Next Generation EU-related flows. In February alone, the current account recorded a EUR 2.3bn surplus and the capital account a EUR 0.6bn surplus, with tourism contributing EUR 4.2bn and non-tourism goods and services posting a EUR 0.7bn deficit. The 12-month financial account balance excluding the Bank of Spain was EUR 113.8bn, compared with EUR -6.5bn a year earlier, led by other investment (EUR 70.9bn) and direct investment (EUR 20.5bn), while portfolio investment shifted to net capital outflows (EUR 22.7bn). The next advance monthly release for March 2025 is scheduled for 30 May 2025, and quarterly balance of payments and international investment position data for the first quarter of 2025 are scheduled for 23 June 2025, with revisions from the fourth quarter of 2024 and international investment position revisions from the third quarter of 2024.
Bank of Spain 2025-04-30
Bank of Spain reports Spain’s 12‑month net lending rising to 3.9% of GDP and a EUR 113.8bn financial account balance in February
The Bank of Spain reported that Spain remained a net lender globally, with a current and capital account surplus of EUR 63.0bn (3.9% of GDP) over the 12 months to February 2025, up from EUR 58.1bn (3.8% of GDP) the previous year. The current account surplus was EUR 44.6bn, driven by a strong tourism surplus, while the capital account surplus rose to EUR 18.4bn, influenced by Next Generation EU-related flows. The financial account balance, excluding the Bank of Spain, reached EUR 113.8bn, with significant contributions from other and direct investments.