Bank of Spain publishes January 2025 balance of payments advance showing EUR 1.4bn net lending

The Bank of Spain released advance balance of payments estimates for January 2025, showing Spain’s combined current and capital account surplus (net lending capacity) at EUR 1.4bn, down from EUR 4.3bn in January 2024. On a rolling 12-month basis, net lending rose to EUR 63.7bn from EUR 58.0bn a year earlier. The January current account surplus was EUR 1.2bn, with a EUR 0.9bn balance on goods and services. Tourism contributed a EUR 3.9bn surplus (with year-on-year growth of 10% in receipts and 17% in payments), while non-tourism goods and services posted a EUR 3.0bn deficit; the primary and secondary income balance was a EUR 0.3bn surplus. The capital account recorded a EUR 0.2bn surplus. In the financial account, excluding the Bank of Spain, the balance was -EUR 21.0bn in January, driven mainly by other investment (-EUR 24.4bn) and portfolio investment (-EUR 2.0bn), partly offset by direct investment (EUR 3.6bn) and financial derivatives (EUR 1.7bn); the Bank of Spain’s external financial account balance was EUR 24.3bn. Over 12 months to January 2025, the financial account balance excluding the Bank of Spain was EUR 131.0bn (from -EUR 68.2bn a year earlier), with other investment at EUR 83.9bn and direct investment at EUR 20.3bn. The advance balance of payments for February 2025 is scheduled for publication on 30 April 2025. First-quarter 2025 balance of payments and international investment position data are due on 23 June 2025 and will include revisions back to the fourth quarter of 2024, as well as the third quarter of 2024 international investment position; additional annual details will be updated on 14 April 2025, including an extended revision of direct investment by economic activity back to 2013.