Spain Current Account Surplus Narrows Sharply

Spain’s current account surplus narrowed sharply to EUR 0.21 billion in November 2025, down from EUR 2.48 billion a year earlier, according to preliminary data. The goods and services surplus fell to EUR 2.36 billion from EUR 2.92 billion, despite stronger tourism revenues, which rose to EUR 6.36 billion from EUR 6.11 billion. At the same time, the primary and secondary income deficit widened to EUR 2.16 billion from EUR 0.44 billion. Over the first eleven months of the year, the current account surplus totaled EUR 46.91 billion, compared with EUR 48.85 billion in the same period of 2024.

Spain’s current account surplus widened to EUR 7.18 billion in October 2025, up from EUR 4.87 billion a year earlier, according to preliminary data. This was the largest current account surplus since available records began in January 1969, as the goods and services surplus increased to EUR 7.50 billion from EUR 6.91 billion, on stronger tourism revenues, which rose to EUR 9.81 billion from EUR 9.14 billion. At the same time, the primary and secondary income deficit shrank markedly to EUR 0.33 billion from EUR 2.04 billion. Considering the January-October period of 2025, the country's current account surplus decreased slightly to EUR 51 billion from EUR 52.7 billion in the same period a year ago.

Spain’s current account surplus narrowed to EUR 1.87 billion in September 2025, down from EUR 3.45 billion a year earlier, according to preliminary data. The goods and services surplus fell to EUR 3.12 billion from EUR 4.86 billion, despite stronger tourism revenues, which rose to EUR 10.36 billion from EUR 9.79 billion. At the same time, the primary and secondary income deficit improved slightly, narrowing to EUR 1.24 billion from EUR 1.41 billion. Over the first nine months of the year, the current account surplus totaled EUR 37.85 billion, compared with EUR 41.50 billion in the same period of 2024.