Net foreign investment in Spain falls by -40% in the first half of the year to 3,407 million euros. Gross investment increases by +31.3% to 12,446 million euros, but divestments grow by +171% to 9,038 million euros.
According to Bankinter’s team of analysts, this is the worst figure since the 2012 crisis. In 2025, net foreign investment had already fallen by -19% to 20,060 million euros.
The United States remains the top investor in gross terms, but in net terms it drops by -230% in the first 6 months of the year to 993 million euros.
The largest investors in net terms are France, Portugal, Germany, and South Korea. China ranks 15th with an amount of 54 million euros.
Despite the drop, the impact on GDP will be very small, as the bulk of economic activity depends on domestic demand and exports; furthermore, foreign direct investment is highly volatile and affected by specific corporate transactions.
Foreign direct investment represented ~1.5% of GDP in 2025.
