Bank of Spain publishes balance of payments data showing Spain’s net lending capacity at 3.9% of GDP in the 12 months to May 2025

The Bank of Spain released its monthly advance balance of payments data, showing Spain remained a net lender to the rest of the world with a net lending capacity of 3.9% of GDP (EUR 63.7bn) in the 12 months to May 2025, slightly above 3.8% a year earlier. The current account surplus eased to 2.7% of GDP (EUR 44.7bn), while the capital account surplus rose to 1.2% of GDP (EUR 19.1bn). A larger tourism surplus helped offset a weaker balance in non-tourism goods and services, which moved to -0.3% of GDP (from 0.0% a year earlier). The tourism balance increased to 4.3% of GDP (EUR 70.1bn) and tourism receipts rose to 6.2% of GDP (EUR 101.3bn). The 12-month financial account balance excluding the Bank of Spain fell to 3.6% of GDP (EUR 59.0bn) from 4.9% (EUR 75.9bn), mainly due to a decline in other investment flows (2.6% of GDP versus 6.7%), while portfolio investment improved to around balance (0.0% of GDP). By sector, all sectors except general government contributed to the positive financial account balance, with general government recording a more negative balance of -6.3% of GDP (EUR -102.4bn). The Bank of Spain scheduled the June 2025 monthly advance release for 29 August 2025 and the second quarter 2025 balance of payments and international investment position release for 23 September 2025, which will include revisions back to the first quarter of 2022 (and to the international investment position for the fourth quarter of 2021). Additional annual details are due to be updated on 14 October 2025.