Spain's Current Account Surplus Narrows in January 2026
The Banco de España reported a preliminary current account surplus of 2.7 billion euros for January 2026, a decrease from 3.4 billion euros in January 2025. This narrowing was primarily due to a shift in primary and secondary income, while the goods and services surplus expanded.
Trade and Services Drive External Balance
Spain's current account recorded a preliminary surplus of 2.7 billion euros in January 2026, a decrease from 3.4 billion euros in the same month of 2025.
This reduction occurred despite a robust performance in the goods and services balance, which posted a surplus of 4.1 billion euros in January 2026, a significant increase from 1.9 billion euros in January 2025.
The tourism and travel component continued its strong contribution, generating a surplus of 4.1 billion euros in January 2026, up from 3.8 billion euros a year prior.
However, the primary and secondary income account shifted from a surplus of 1.2 billion euros in January 2025 to a deficit of 1.4 billion euros in January 2026, largely offsetting the gains from goods and services.
The capital account also saw a reduced surplus, falling from 0.3 billion euros to 0.1 billion euros.
Cumulatively over the last twelve months, the current account surplus stood at 49.1 billion euros in January 2026, a marginal decrease from 49.5 billion euros in January 2025.
Shifting Financial Investment Patterns
Spain's financial account, excluding the Banco de España, recorded a net outflow of 13.7 billion euros in January 2026, an improvement from the 19.2 billion euro outflow in January 2025.
This was influenced by notable shifts across investment categories.
Direct investment registered a net outflow of 5.1 billion euros in January 2026, reversing a 4.3 billion euro net inflow from January 2025.
Portfolio investment also saw a larger net outflow of 5.3 billion euros, compared to 2.2 billion euros in the previous year.
Conversely, other investment showed a significantly reduced net outflow of 4.7 billion euros, a substantial improvement from the 24.3 billion euro outflow recorded in January 2025.
The Banco de España's balance contributed 19.8 billion euros in January 2026, down from 24.2 billion euros in January 2025.
Overall, the financial account recorded a net increase in assets of 6.2 billion euros in January 2026, up from 5.0 billion euros in January 2025.