The Bank of Spain published the Financial Accounts of the Spanish Economy updated through the fourth quarter of 2025, showing that consolidated debt ratios for households and non-profit institutions serving households (NPISH) and for non-financial corporations fell to 42.8% and 62.6% of GDP in 2025, respectively, the lowest levels since 1999 and 2001. Household net financial wealth rose to 156.8% of GDP. In nominal terms, household and NPISH debt increased to EUR 723bn (from EUR 696bn in 2024) and consolidated debt of non-financial corporations to EUR 1,056bn (from EUR 1,048bn), while both ratios declined relative to GDP. Households’ gross financial assets reached 203.7% of GDP and net financial wealth EUR 2,645bn, with the increase mainly driven by valuation gains, particularly in equity and investment fund shares. Cash and deposits accounted for 33.4% of household financial assets at end-2025, the lowest share in 30 years, while equity and investment fund holdings stood at 32.3%. On a four-quarter basis, households’ acquisitions of financial assets rose to EUR 95bn (5.6% of GDP) and net liability transactions to 2.1% of GDP, largely loans (1.8% of GDP). For non-financial corporations, consolidated acquisitions of financial assets were EUR 69bn (4.1% of GDP) and liability operations 3.0% of GDP, both concentrated in unlisted shares and other equity. Public administrations recorded net financial transactions of -2.4% of GDP, with liability operations at 4.0% of GDP and a reduction in long-term debt securities. Financial institutions’ assets stood at 340% of GDP in the fourth quarter of 2025, and monetary financial institutions’ lending flows increased to 5.0% of GDP in 2025 (from a 0.7% average since 2022). Across all resident sectors, net financial transactions were positive at EUR 71bn (4.2% of GDP), the highest ratio in 30 years. The Bank of Spain scheduled publication of the Financial Accounts for the first quarter of 2026 for 9 July 2026.
Bank of Spain 2026-04-10
Bank of Spain publishes financial accounts showing household and corporate debt ratios fall to 25-year lows in 2025
The Bank of Spain’s updated Financial Accounts through Q4 2025 show consolidated debt ratios for households and NPISHs and for non-financial corporations fell to 42.8% and 62.6% of GDP, their lowest levels since 1999 and 2001. Household net financial wealth rose to 156.8% of GDP (EUR 2,645bn), driven mainly by valuation gains in equity and investment fund shares, while financial institutions’ assets stood at 340% of GDP and net financial transactions across all resident sectors reached 4.2% of GDP, the highest ratio in 30 years.