According to data from the Bank of Spain (BdE), Spain’s current account surplus fell to EUR 2,410 million in June, down from EUR 5,330 million in the same month of the previous year. The decline was mainly driven by a lower surplus in the goods and services account, which stood at EUR 3,280 million compared to EUR 6,170 million in June 2025. Meanwhile, the joint deficit of primary and secondary income widened slightly to EUR 860 million, compared to EUR 840 million a year earlier.
Consequently, the positive balance of the current account experienced a notable year-on-year moderation in June, primarily reflecting the deterioration in the goods and services balance, while the primary and secondary income deficit had a slightly larger negative impact than the previous year.
Furthermore, and also according to Bank of Spain (BdE) data, the net lending capacity of the Spanish economy reached EUR 57,600 million—equivalent to 3.3% of GDP—in the twelve months through June. This is below the 4.1% recorded both a year earlier and during the peak period between January 2024 and May 2026. Nevertheless, the balance remained 0.6 percentage points above the 2014–2019 pre-pandemic average.
The current account surplus reached EUR 40,500 million, or 2.3% of GDP, down from 3% a year earlier. The Bank of Spain (BdE) attributes this moderation, among other factors, to the deterioration of the non-tourism goods and services balance against a backdrop of rising energy prices.
Tourism maintained its strength, with a cumulative surplus of EUR 71,900 million—equivalent to 4.1% of GDP—compared to EUR 69,500 million a year prior. Tourism revenues reached EUR 108,300 million (6.2% of GDP). Conversely, the cumulative non-tourism goods and services balance deteriorated to -0.6% of GDP from -0.3% a year earlier, while the income deficit widened to -1.2% of GDP compared to -0.9%.
The capital account maintained a historically high balance of EUR 17,100 million (equivalent to 1% of GDP), driven mainly by the impact of transfers linked to the Next Generation EU program. In the financial account, excluding the Bank of Spain (BdE), the cumulative balance rose to EUR 75,800 million, compared to EUR 39,200 million a year earlier, driven particularly by portfolio investment and other investment.
