The Bank of Spain published second-quarter 2026 balance of payments and international investment position data showing that Spain’s net debtor position remained historically low at 40.7% of GDP, or EUR 707.3 billion. This was broadly unchanged from 40.5% in the previous quarter and below the 43% average from 2024 through the first quarter of 2026. Gross external debt increased to 168.4% of GDP, while four-quarter cumulative net lending capacity declined to 3.8% from 4.4% a year earlier. Excluding the Bank of Spain, the net debtor position widened to 31.1% of GDP from 30.4%, driven partly by a larger portfolio investment deficit, but remained below its recent average. Nonmonetary financial institutions and households helped the other resident sectors reach a record net creditor position of 49.9% of GDP. The decline in net lending capacity mainly reflected a wider nonenergy goods deficit, while tourism and nontourism services maintained surpluses at or near record levels. The Bank of Spain plans an extraordinary revision of the balance of payments in 2027, coordinated with Spain’s national accounts revision. The exercise will incorporate changes to data sources and the treatment of nonresident operators for value-added tax purposes, including results affecting data from 2018.
2026-09-23Bank of Spain
Bank of Spain reports historically low net debtor position as gross external debt rises to 168.4% of GDP
The Bank of Spain reported that Spain’s net debtor position remained historically low at 40.7% of GDP in the second quarter of 2026. Gross external debt rose to 168.4% of GDP, while four-quarter net lending capacity fell to 3.8% as the goods deficit widened despite strong services surpluses. An extraordinary revision of the balance of payments is planned for 2027.