Bank of Spain reports Spain's financing capacity at 4% of GDP in March 2026

The Bank of Spain published its monthly advance balance of payments data showing that Spain's 12 month cumulative financing capacity stood at 4% of GDP in March 2026, or EUR 67.8 billion. That level was close to recent historical highs, above the 2014 to 2019 pre Covid average by 1.3 percentage points, and near the 4.1% recorded a year earlier. The current account surplus remained at 3% of GDP, or EUR 50.9 billion, unchanged from March 2025 in GDP terms, while the capital account stayed elevated at 1% of GDP, or EUR 16.9 billion. Within the current account, the non tourism goods and services balance improved to -0.1% of GDP from -0.3% a year earlier. The tourism surplus was 4.1% of GDP, or EUR 70.7 billion, close to the 4.3% recorded in March 2025, while tourism receipts were unchanged at 6.2% of GDP. The income deficit widened slightly to -1.1% of GDP from -1.0%. In the financial account, excluding the Bank of Spain, the 12 month cumulative balance fell to 4.1% of GDP, or EUR 70.1 billion, from 6.1% a year earlier, mainly because other investment dropped to 0.8% of GDP from 3.4% and direct investment to 0.9% from 1.8%, partly offset by portfolio investment rising to 2.5% from 0.8%. For March alone, Spain's financing capacity was EUR 5.9 billion, up from EUR 4.4 billion a year earlier. The Bank of Spain said the advance balance of payments data for April 2026 will be published on 30 June 2026. First quarter 2026 balance of payments and international investment position data are due on 23 June 2026, together with revisions from the fourth quarter of 2025 and to the international investment position for the third quarter of 2025.