Balance of payments and international investment position
Balance of payments, IIP, External debt
Statistical press release
Main results
International investment position
In the first quarter of 2025, Spain’s net international investment position increased its debtor balance to -44.5% of GDP (-717.4 mm), compared to -43.5% in the previous quarter (-691.9 mm). Excluding the Bank of Spain3, the net international investment position increased slightly its debtor balance to -34.1% of GDP, compared to -32.8% at the end of 2024. The portfolio investment increased its debtor balance to -25% of GDP (-403.4 mm) in the first quarter of 2025 (-22.7% and -360.7 mm in the previous quarter). Conversely, other investment increased its creditor balance in the first quarter of 2025 to 4.4% of GDP (71.1 mm) compared to 4.1% of GDP (65.3 mm in the previous quarter). Direct investment reduced its debtor balance in the first quarter of 2025, recording -13.9% of GDP (-224 mm), compared to -14.4% (-228.9 mm) in the previous quarter.
Variation of the international investment position excluding the Bank of Spain by type of flow
The increase in the debtor balance was due to other flows (-37.8 mm), partially offset by transactions (9.4 mm). The balance of other flows4 was explained by the net negative effect of prices (-21.4 mm) and negative net revaluations due to exchange rate (-15.7 mm).
International investment position by institutional sector
The increase in net debtor IIP in the first quarter of 2025 reflected the evolution of the net balance of public administrations, which increased their debtor balance to -41.7% of GDP (-672.3 mm), from -40.3% (-641.3 mm) in the fourth quarter of 2024, and of monetary financial institutions which decreased their creditor balance to 3.6% of GDP (58.3 mm), from 4.2% (67.2 mm) in the previous quarter. Non-financial corporations historically showed a debtor balance, which was -37.6% of GDP in the first quarter of 2025 (-37.8% in the previous quarter), while the rest of the sectors5 had a creditor balance over time, increasing their net position to 41.6% of GDP in the first quarter of 2025 (41.1% in the previous quarter). Finally, the Bank of Spain had a balance against the external sector of -10.4% of GDP (-167.1 mm) in the first quarter of 2025, compared to -10.7% in the previous quarter (-170.1 mm).
Gross external debt
Spain’s gross external debt6 stood at 162% of GDP (2,612 mm) in the first quarter of 2025, compared to 162.8% (2,591 mm) in the previous quarter. Excluding the Bank of Spain and debt between companies with a direct investment relationship, external debt increased in public administrations in the last quarter, from 44.9% of GDP (714 mm) to 46% (741 mm), while in monetary financial institutions it went from 41.7% (663.8 mm) to 41.2% (664.6 mm) and in other resident sectors, from 18.7% (296.9 mm) to 18.4% (297.1 mm).
Accumulated financing capacity for four quarters by components
The accumulated financing capacity in four quarters up to the first quarter of 2025, measured by the combined balance of the current and capital accounts, stood at 3.9% of GDP (63.5 mm), higher than the 3.7% (56.4 mm) accumulated a year earlier, historically high levels. The current account was at 2.7% of GDP (44.3 mm) in the accumulated four quarters up to the first quarter of 2025, similar in terms of GDP to the same period a year earlier (41.3 mm). The balance of tourism increased to 4.3% of GDP compared to 4.1% the previous year, and this increase was offset by a decrease in the surplus of non-tourist services (2.1% compared to 2.3% a year earlier). The deficit in goods remained at -2.4% of GDP.
