Bank of Spain publishes balance of payments data showing Spain’s net lending at 4% of GDP through November 2025

The Bank of Spain released its monthly balance of payments update with 12‑month cumulative data to November 2025, showing Spain’s net lending to the rest of the world at 4% of GDP (EUR 67.4bn), down from 4.4% a year earlier. The current account surplus eased to 2.9% of GDP (EUR 48.7bn) from 3.3%, while the capital account balance stood at 1.1% of GDP (EUR 18.6bn), with Next Generation EU flows highlighted as an important driver of the capital account. By component, the tourism surplus was broadly stable at 4.2% of GDP (EUR 70.4bn), while the balance on non‑tourism goods and services deteriorated to -0.5% of GDP (from -0.1%). The income deficit narrowed to -0.8% of GDP (from -1.0%), and tourism receipts rose to 6.3% of GDP (EUR 104.8bn). The 12‑month financial account excluding the Bank of Spain fell to 1% of GDP (EUR 15.9bn) from 9.9%, largely reflecting a swing in other investment to -1.4% of GDP (EUR -23.1bn); portfolio investment turned positive at 1.1% of GDP (EUR 18.0bn) and direct investment held at 1.3% of GDP (EUR 21.1bn). For November 2025 alone, net lending was EUR 1.8bn versus EUR 4.0bn a year earlier, with a tourism surplus of EUR 3.6bn and a non‑tourism goods and services deficit of EUR 1.3bn. The Bank of Spain scheduled the next monthly balance of payments release for December 2025 on 27 February 2026. Fourth‑quarter 2025 balance of payments and international investment position data are due on 24 March 2026 with revisions back to first quarter 2025 (and to the fourth‑quarter 2024 international investment position), followed by additional annual details on 14 April 2026.