The Bank of Spain published its monthly advance balance of payments, showing that Spain’s current and capital account surplus increased to EUR 65 billion in 2024 from EUR 56 billion in 2023, marking the highest level since 1993 and rising to 4.1% of GDP from 3.7%. For December 2024, net lending was EUR 6.3 billion, down from EUR 7.3 billion a year earlier. The 2024 improvement reflected a higher current account surplus of EUR 48.4 billion (3% of GDP) versus EUR 39.8 billion in 2023, driven by a larger tourism surplus (+EUR 9.6 billion) that more than offset a wider deficit in primary and secondary income (around EUR 1 billion). The capital account surplus reached EUR 16.6 billion. On the financial account, the balance excluding the Bank of Spain was EUR 106.9 billion for 2024 (versus -EUR 54.6 billion in 2023), led by “other investment” at EUR 97.2 billion (assets up EUR 62.5 billion and liabilities down EUR 34.7 billion) and direct investment at EUR 20.8 billion; portfolio investment was EUR 5.1 billion and financial derivatives were -EUR 16.1 billion. In December 2024, the financial account excluding the Bank of Spain recorded EUR 14.1 billion, while the Bank of Spain’s own financial account balance was -EUR 48.5 billion for 2024 and -EUR 11.5 billion in December. The Bank of Spain indicated that quarterly balance of payments and international investment position data for the fourth quarter of 2024 will be published on 24 March 2025, including revisions back to the first quarter of 2024 (and the international investment position for the fourth quarter of 2023). The January 2025 monthly advance will be published on 31 March 2025, and additional annual details will be updated on 14 April 2025.

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