2025/Q3 Article 05. The Balance of Payments and International Investment Position of Spain in 2024
Series: Economic Bulletin.
Author: Francisco Javier Álvarez de Pedro, María Pía Cobián González and Laura Galindo
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Abstract
Rationale
The balance of payments and international investment position are of particular interest in an international environment of growing uncertainty and trade and geopolitical tensions, such as the current one. Also, the data vis-à-vis the United States are especially significant in this setting.
Takeaways
- In 2024 the Spanish economy’s net lending peaked at 4.2% of GDP, its highest level since the start of the current series (1995), owing to the improvement in the trade balance and positive developments in travel services.
- The negative net international investment position declined further in 2024, to stand at -43% of GDP (its lowest level in 22 years), due to GDP growth and the positive balance of financial transactions with the rest of the world.
- The cumulative correction of the negative net international investment position from its most negative level in 2009 through to 2024 is explained by developments in the financial sector, portfolio investment and the travel surplus built up over these years.