Bank of Spain data show Spanish economy financing capacity of 4% of GDP in 2025 while current account surplus slips to 2.9%

The Bank of Spain published its monthly balance of payments advance with 12-month cumulative figures for 2025, showing Spain recorded financing capacity of 4% of GDP (EUR 67.4bn), slightly below 2024’s 4.3%. The current account surplus eased to 2.9% of GDP (EUR 48.7bn) from 3.2%, while the capital account remained at 1.1% of GDP (EUR 18.7bn), with flows linked to the Next Generation EU programme having a significant impact on that balance. Within the current account, the tourism surplus edged down to 4.2% of GDP (EUR 70.3bn) from 4.3%, while the non-tourism goods and services balance deteriorated to a deficit of 0.5% of GDP from 0.1% in 2024; the income balance deficit narrowed to 0.8% of GDP from 1.0%. The financial account excluding the Bank of Spain fell to 2.0% of GDP (EUR 32.9bn) from 8.3%, driven mainly by “other investment” shifting to -0.6% of GDP (EUR -10.1bn) from 6.7% in 2024; direct investment decreased to 1.1% of GDP (EUR 18.6bn) and portfolio investment increased to 1.3% of GDP (EUR 22.2bn). By sector, general government recorded a more negative financial balance of -5.7% of GDP (EUR -95.7bn), while other resident sectors, other monetary financial institutions and the Bank of Spain posted positive balances; financing capacity in December 2025 was EUR 7.0bn. Fourth-quarter 2025 balance of payments and international investment position data are scheduled for release on 24 March 2026, including revisions to balance of payments and international investment position data from the first quarter of 2025 and to the fourth-quarter 2024 international investment position. The advance for January 2026 is due on 31 March 2026, with additional annual details to be updated on 14 April 2026.