Inward FDI reaches 73 percent of Spanish GDP with US as top investor
Spain registered a net debtor foreign direct investment position of 13.5 percent of GDP in 2025, according to a Banco de España study. Inward liabilities reached 73 percent of GDP, led ultimately by the United States with €140 billion in investment stock.
Liabilities peak above European peers
Inward foreign direct investment liabilities in Spain reached 73 percent of GDP in 2025, the highest level among major European economies, according to Banco de España researchers Víctor Corral Alonso and Pablo López Olivares.
Spanish outward assets stood at 59 percent of GDP, trailing Germany at 70 percent and France at 67 percent.
Under the immediate investing economy metric, Luxembourg and the Netherlands represent the largest sources at €143 billion and €128 billion respectively, driven by special purpose entities.
However, look-through data reveals the United States as the top ultimate investor with €140 billion, followed by the United Kingdom at €127 billion.
Equity dominates corporate balance sheets
Non-financial corporations absorbed 75 percent of inward FDI liabilities and generated 66 percent of outward assets between 2016 and 2025.
Non-monetary financial institutions accounted for 23 percent of liabilities and 20 percent of assets, while banks represented only 3 percent of inward stock versus 15 percent of outward holdings.
Equity instruments maintained a structural dominance over debt across the decade, with intragroup debt flows averaging only 0.6 percent of GDP in liabilities and 0.9 percent in assets.
Unmasking the conduit distortion
Distinguishing ultimate investors strips away the artificial distortions created by European conduit hubs.
A heavy reliance on foreign equity reflects strong domestic business appeal while increasing exposure to global strategic shifts.
Granular ownership tracking is indispensable for evaluating authentic cross-border dependencies.