Spain Current Account Surplus Widens in February

Spain’s current account surplus rose to EUR 4 billion in February 2026 from EUR 3.8 billion in the same month a year ago, according to preliminary data. The balance of goods and services recorded a €5.5 billion surplus, compared with €4.6 billion a year earlier, an increase of almost 20%. Within this, tourism generated a €4.2 billion surplus, the same as in February 2015. Conversely, the balance of primary and secondary income posted a €1.5 billion deficit, widening from €700 million a year earlier. In the two months to February, the current account surplus totaled 6.77 billion, compared to €6.88 billion a year earlier.

Spain’s current account surplus declined to EUR 2.7 billion in January 2026 from EUR 3.1 billion in the same month a year ago, according to preliminary data. The balance of primary income, which includes income from work, investment, taxes on production and imports, and subsidies, and secondary income, covering personal transfers, current taxes, social contributions, and benefits, recorded a deficit of EUR 1.4 billion, compared with a surplus of EUR 1.2 billion in the previous year. Meanwhile, the goods and services surplus rose significantly to EUR 4.1 billion from EUR 1.9 billion in January 2025. Within this segment, the tourism sector played a fundamental role, contributing a surplus of €4.1 billion compared to €3.8 billion in January 2025.

Spain’s current account surplus narrowed slightly to EUR 1800 million in December 2025 from EUR 1828 a year earlier, according to preliminary data. The primary and secondary income account recorded a EUR 127 million deficit, compared with a EUR 327 million surplus a year earlier. On the other hand, the goods and services surplus rose to EUR 1927 million from EUR 1501 million. Considering the full 2025, the current account surplus totaled EUR 48.7 billion, compared with EUR 50.7 billion in 2024.