The Bank of Spain published its monthly balance of payments advance showing Spain’s 12-month net lending position at 4.2% of GDP through October 2025 (EUR 69.5 billion), down from 4.5% a year earlier. The current account surplus eased to 3.1% of GDP (EUR 51.0 billion) and the capital account balance was 1.1% of GDP (EUR 18.5 billion). Tourism remained the main support, with a surplus of 4.3% of GDP (EUR 70.5 billion), while the balance of non-tourism goods and services weakened to -0.5% of GDP (from 0.1% a year earlier) and the income deficit narrowed to -0.7% of GDP (from -1.0%). The financial account excluding the Bank of Spain recorded a balance of 2.2% of GDP (EUR 36.1 billion), versus 7.6% of GDP a year earlier, driven by other investment moving from 7.7% of GDP to -0.7% of GDP, alongside portfolio investment shifting from -1.9% of GDP to 1.8% of GDP; direct investment was 1.1% of GDP (down from 1.7%). By institutional sector, all sectors except general government contributed positively, while general government’s balance became more negative at -5.6% of GDP (from -4.8%). The Bank of Spain scheduled the next monthly balance of payments advance for November 2025 on 30 January 2026. It will publish fourth-quarter 2025 balance of payments and international investment position data on 24 March 2026, including revisions back to the first quarter of 2025 and to the fourth quarter of 2024 international investment position, and will update additional annual details on 14 April 2026.
Bank of Spain 2025-12-30
Bank of Spain reports Spain’s net lending at 4.2% of GDP through October 2025
The Bank of Spain reported a decline in Spain's 12-month net lending position to 4.2% of GDP (EUR 69.5 billion) through October 2025, down from 4.5% a year earlier. The current account surplus decreased to 3.1% of GDP, while the capital account balance stood at 1.1% of GDP. Tourism remained a key contributor with a surplus of 4.3% of GDP, despite a weakening balance in non-tourism goods and services and a narrowed income deficit.