Spain's financing capacity reaches 4% of GDP in March
Spain's financing capacity, measured over 12 months, reached 4 percent of GDP in March 2026. This is according to the preliminary estimate of the Balance of Payments released by the Banco de España.
Financing capacity holds steady
Spain's accumulated 12-month financing capacity stood at 4 percent of GDP (€67.8 billion) in March 2026.
This figure is close to the average of recent historical highs and 1.3 percentage points higher than the pre-COVID average from 2014-2019.
It was also close to the 4.1 percent recorded a year earlier.
The current account surplus stood at 3 percent of GDP (€50.9 billion), matching the March 2025 figure in GDP terms and aligning with the average of recent years.
The capital account balance remained at historically high levels, at 1 percent of GDP (€16.9 billion), slightly below the 1.2 percent recorded in March 2025.
Tourism drives current account
Within the current account, the balance of non-tourism goods and services improved to -0.1 percent of GDP, from -0.3 percent a year prior.
The tourism surplus remained robust at 4.1 percent of GDP, consistent with recent historical highs, though slightly below the previous year.
Tourism revenues also maintained their strong performance.
The income deficit widened slightly to -1.1 percent of GDP.
The 12-month accumulated financial account balance, excluding the Banco de España, decreased to 4.1 percent of GDP (€70.1 billion) from 6.1 percent a year earlier.
This shift was largely due to a reduction in 'other investment' and direct investment, partially offset by a significant increase in portfolio investment.
External strength provides buffer
Spain's sustained external surplus underscores the resilience of its economy, providing a crucial buffer against global volatility.
While tourism remains a key pillar, the improvement in non-tourism goods and services signals a broader base for external strength.
This robust financing capacity positions Spain favorably amidst ongoing economic uncertainties.