Special Revision of the Financial Accounts of the Spanish Economy

With the publication of the Financial Accounts of the Spanish Economy for the second quarter of 2025, the regular annual revision has been carried out, affecting data from the previous three years (from March 2022 to March 2025).

In addition, on this occasion, a special revision has been conducted for observations prior to March 2022. This revision has a limited impact on certain instruments, sectors, and periods:

• Revision of unlisted shares issued by deposit-taking corporations except the central bank, with holding sectors being Non-profit institutions serving households (NPISHs) and deposit-taking corporations except the central bank. The quarters of 2014 and 2015 have been revised to more accurately reflect the flows related to the sectoral reclassification of banking foundations from the deposit-taking corporations sector to NPISHs. This reclassification has been recorded as other changes in volume, amounting to €8.8 billion in 2014.
• Revision of unlisted shares issued by non-financial corporations, with households and non-financial corporations as holding sectors. Data have been revised from 2013 onwards. This revision improves the valuation process of stocks by more accurately accounting for the valuation of foreign direct investment enterprises, in line with the International Investment Position Stocks (with an average impact of -€20.4 billion), other changes in volume, and revaluations are affected.

The data of the Financial Accounts of the Spanish Economy can be consulted here.