Bank of Spain says Spain’s financing capacity reached 3.8 percent of GDP in April 2026

The Bank of Spain published its monthly balance of payments advance showing that Spain’s 12 month cumulative financing capacity stood at 3.8 percent of gross domestic product in April 2026, equivalent to EUR 65.2 billion. That was above the 2014 to 2019 pre-COVID average, though slightly below the recent peak-period average and down from 4.2 percent in the same month a year earlier. The result was supported by a current account surplus of 2.8 percent of GDP, or EUR 48 billion, while the capital account remained at a historically high 1 percent of GDP, or EUR 17.2 billion. Within the current account, the non-tourism goods and services balance was negative 0.2 percent of GDP, broadly unchanged from a year earlier, while the tourism surplus was 4.1 percent of GDP, or EUR 71.2 billion, close to recent historical highs despite easing from 4.3 percent a year earlier. Tourism receipts were 6.2 percent of GDP, unchanged as a share of GDP from the previous year, and the income deficit widened to 1.1 percent of GDP from 1 percent. In the financial account excluding the Bank of Spain, the 12 month cumulative balance was 4.6 percent of GDP, or EUR 79.8 billion, similar to the previous year as lower other investment and direct investment were offset by higher portfolio investment. By institutional sector, other monetary financial institutions and other resident sectors recorded positive balances, while general government and the Bank of Spain showed negative balances. For April alone, Spain’s financing capacity was EUR 2.5 billion, down from EUR 3.2 billion a year earlier. The Bank of Spain said the balance of payments advance for May 2026 will be published on July 31, 2026, followed by second quarter 2026 balance of payments and international investment position data on September 23, 2026, including revisions back to the first quarter of 2023 and to the fourth quarter of 2022 for the international investment position.