The Bank of Spain’s financial accounts for the second quarter of 2026 show that household and corporate debt ratios fell to new lows despite increases in nominal debt. Household and nonprofit institution debt rose to EUR 729 billion from EUR 718 billion a year earlier, but declined to 41.9% of gross domestic product, its lowest level since the third quarter of 1999. Consolidated nonfinancial corporate debt increased to EUR 1.077 trillion from EUR 1.055 trillion, while falling to 61.9% of GDP, its lowest ratio since the third quarter of 2001. Household net financial wealth reached EUR 2.813 trillion, or 161.8% of GDP, compared with a 150% average since 2022. The increase mainly reflected asset revaluations, particularly in equity and investment fund holdings. Over the four quarters to the second quarter, household financial asset acquisitions rose to 5.9% of GDP and corporate acquisitions to 5.5%, both above their averages since 2022. Monetary financial institution lending increased to 4.6% of GDP from a 1.2% average since 2022, with growth across all resident sectors. Resident sectors provided net financing of EUR 66 billion, or 3.8% of GDP, broadly in line with the average since 2022. General government net borrowing narrowed to 2.4% of GDP from a 3.6% average. The updated series also correct errors dating from the first quarter of 2020 in holdings of other equity issued by insurance companies.
Bank of Spain reports household and corporate debt ratios at their lowest levels since 1999 and 2001
The Bank of Spain reported that household and corporate debt ratios fell to 41.9% and 61.9% of GDP in the second quarter of 2026, their lowest levels since 1999 and 2001, respectively. Household net financial wealth rose to 161.8% of GDP, while monetary financial institution lending increased to 4.6% of GDP across all resident sectors.