The Bank of Spain published updated Financial Accounts of the Spanish Economy showing that consolidated debt of non-financial corporations and households and non-profit institutions serving households fell to 106.1% of GDP in the first quarter of 2025, down from 111.1% a year earlier, despite rising in nominal terms to EUR 1,710bn (+1.3% year on year). Non-financial corporate debt increased to EUR 1,009bn, while its GDP ratio declined to 62.6%, a low not seen since the third quarter of 2001. Household and non-profit institutions serving households debt rose to EUR 701bn, but its GDP ratio fell to 43.5%, the lowest since the first quarter of 2000. Household financial assets reached EUR 3,171bn (+6.6% year on year), supported by EUR 109.4bn of revaluation and EUR 87.2bn of net acquisitions, with revaluation concentrated in equity holdings and net purchases led by investment fund shares and deposits; net financial wealth increased to EUR 2,408bn (+8.1% year on year). The Bank of Spain indicated that the Financial Accounts for the second quarter of 2025 will be published on 8 October 2025.
Bank of Spain 2025-07-09
Bank of Spain financial accounts show household and corporate debt falls to 106.1% of GDP in Q1 2025
The Bank of Spain's updated Financial Accounts show a decline in the consolidated debt of non-financial corporations and households to 106.1% of GDP in Q1 2025, down from 111.1% a year earlier, despite a nominal increase to EUR 1,710bn. Non-financial corporate debt rose to EUR 1,009bn, with its GDP ratio at 62.6%, the lowest since Q3 2001, while household debt increased to EUR 701bn, with its GDP ratio at 43.5%, the lowest since Q1 2000. Household financial assets grew to EUR 3,171bn, driven by revaluation and net acquisitions, leading to an 8.1% rise in net financial wealth to EUR 2,408bn.