Bank of Spain updates financial accounts showing household and corporate debt falling to 43.1% and 61.4% of GDP

The Bank of Spain published the Financial Accounts of the Spanish Economy for the third quarter of 2025, showing that household and non-profit institutions serving households (NPISH) debt fell to 43.1% of GDP and consolidated non-financial corporate debt to 61.4% of GDP, both at their lowest levels in around 25 years. Household net financial wealth rose to 153.7% of GDP. In absolute terms, consolidated household debt stood at EUR 714bn and corporate debt at EUR 1,018bn in September 2025. Household gross financial assets reached 200.7% of GDP and net financial wealth EUR 2,546bn, with the increase mainly explained by asset revaluations, especially equity and investment fund holdings; cash and deposits accounted for 33.9% of assets, at a 30-year low, while equity and fund holdings were close to a maximum. Over the four quarters to the third quarter of 2025, households’ acquisitions of financial assets rose to EUR 94bn (5.7% of GDP) and net liability transactions to 2.0% of GDP, driven by loans (1.5% of GDP). For non-financial corporations, acquisitions of financial assets totalled EUR 70bn (4.2% of GDP) and liability transactions 2.8% of GDP. Financial sector assets were 343% of GDP, while monetary financial institutions’ lending flows increased to 3.4% of GDP and rose across all resident sectors, particularly households. Net financial transactions across all resident sectors were positive at EUR 72bn (4.3% of GDP), the highest share in 30 years, while general government net financial transactions were -3.0% of GDP. The Bank of Spain indicated that the Financial Accounts for the fourth quarter of 2025 will be published on 10 April 2026.