The Bank of Spain’s monthly balance of payments estimate showed that Spain’s net lending totaled EUR 65.3 billion, or 3.7% of gross domestic product, in the 12 months through July 2026. This was below the 4.3% recorded a year earlier and the average from January 2024 to June 2026, but 1 percentage point above the 2014-2019 average. The current account surplus declined to EUR 46.5 billion, or 2.7% of GDP, reflecting a weaker balance in non-tourism goods and services and a wider income deficit. The tourism surplus remained near recent record levels at 4.2% of GDP, while the capital account surplus held at a historically high 1.1%, mainly because of transfers linked to the Next Generation EU program. The financial account balance excluding the Bank of Spain rose to EUR 112.4 billion, or 6.4% of GDP, driven by increases in portfolio and other investment.
Bank of Spain reports Spain’s net lending at 3.7% of GDP through July 2026, below recent highs
The Bank of Spain reported that Spain’s net lending stood at EUR 65.3 billion, or 3.7% of GDP, in the 12 months through July 2026, below recent highs but above the pre-pandemic average. The current account surplus eased to 2.7% of GDP as non-tourism trade and income balances deteriorated, while tourism and the capital account remained strong.