Bank of Spain publishes balance of payments advance showing Spain’s net lending at 3.9% of GDP through June 2025

The Bank of Spain published its monthly balance of payments advance for the 12 months to June 2025, showing Spain remained a net lender to the rest of the world at 3.9% of GDP (EUR 63.3bn), slightly below the close to 4% recorded a year earlier. The current account surplus eased to 2.7% of GDP (EUR 44.3bn), while the capital account surplus increased to 1.2% of GDP (EUR 19.1bn), with the release noting the significant impact of Next Generation EU-related flows on the capital account. Within the current account, the balance on non-tourism goods and services moved to -0.3% of GDP from a 0.1% surplus a year earlier, partly offset by a higher tourism surplus of 4.3% of GDP (EUR 70.1bn) and a smaller income deficit of -1.2% of GDP. The 12-month financial account excluding the Bank of Spain posted a surplus of 1.8% of GDP (EUR 29.4bn), down from 7.3%, mainly reflecting a drop in the positive balance on other investment to 1.4% of GDP, alongside a smaller portfolio investment deficit and a higher direct investment surplus; by sector, all sectors except general government contributed positively, while general government’s balance widened to -5.7% of GDP. For June 2025 alone, net lending was EUR 6.3bn versus EUR 6.7bn a year earlier, with a EUR 6.0bn tourism surplus and a EUR 0.4bn surplus on non-tourism goods and services. The Bank of Spain indicated the July 2025 advance will be published on 30 September 2025, and second-quarter 2025 balance of payments and international investment position data will be published on 23 September 2025, including revisions back to first quarter 2022 and the international investment position for fourth quarter 2021.