Bank of Spain publishes balance of payments data showing Spain’s net lending at 4% of GDP in the 12 months to September 2025

The Bank of Spain released its monthly balance of payments advance, showing that Spain’s economy recorded financing capacity of 4% of GDP in the 12 months to September 2025 (EUR 66.1bn), down from 4.4% a year earlier. The current account surplus narrowed to 2.8% of GDP (EUR 47bn) from 3.2% of GDP in September 2024. The capital account surplus stood at 1.1% of GDP (EUR 19bn), with the release noting a significant impact from Next Generation EU-related flows. Within the current account, the tourism surplus was 4.2% of GDP (EUR 70.4bn), while the non-tourism goods and services balance declined to a -0.5% of GDP deficit and the income balance recorded a -0.9% of GDP deficit. The financial account excluding the Bank of Spain fell to 0.9% of GDP (EUR 15.2bn) from 7.9% a year earlier, reflecting a swing in other investment to -2.1% of GDP and an increase in portfolio investment to 1.1% of GDP, with direct investment at 1.8% of GDP. By institutional sector, all sectors except general government contributed positively, while general government recorded -5.6% of GDP. For September 2025 alone, financing capacity was EUR 3.3bn, with a tourism surplus of EUR 6.5bn and a non-tourism goods and services deficit of EUR 3.3bn. The advance balance of payments data for October 2025 is scheduled for publication on 30 December 2025. Third quarter 2025 balance of payments and international investment position data is due on 23 December 2025, alongside revisions to second quarter 2025 balance of payments and international investment position data and first quarter 2025 international investment position data.