Spain's 2025 financing capacity reaches 4% of GDP, current account surplus at 2.9 percent
Spain's financing capacity stood at 4 percent of GDP in 2025, near recent historical highs. The current account surplus reached 2.9 percent of GDP, slightly below the 3.2 percent recorded in 2024.
Spain's financing strength at 4 percent
Spain's financing capacity for 2025 reached 4 percent of GDP, equivalent to 67.4 billion euros.
This figure is slightly below the 4.3 percent recorded in 2024 but remains 1.3 percentage points above the pre-COVID average from 2014-2019, positioning it close to recent historical highs.
The current account surplus stood at 2.9 percent of GDP, or 48.7 billion euros, a decrease from 3.2 percent in 2024.
Meanwhile, the capital account maintained its previous year's level, contributing 1.1 percent of GDP, or 18.7 billion euros, to the overall financing capacity.
Tourism supports, financial flows shift
The balance of non-tourism goods and services recorded a larger deficit, falling to -0.5 percent of GDP in 2025 from -0.1 percent in 2024.
The tourism surplus remained robust at 4.2 percent of GDP, a marginal decrease from 4.3 percent in the previous year, with tourism income reaching 6.2 percent of GDP.
The financial account, excluding the Banco de España, showed a significantly lower surplus of 2 percent of GDP (32.9 billion euros), a sharp drop from 8.3 percent (132.1 billion euros) in 2024.
This decline was primarily driven by a shift in 'other investment' from a 6.7 percent surplus to a -0.6 percent deficit.
Portfolio investment, however, improved to a 1.3 percent surplus from a -0.1 percent deficit.