Spain Current Account Surplus Widens in March

Spain's current account surplus widened to EUR 4.61 billion in March 2026, from EUR 3.01 billion in the same month last year. The balance of goods and services recorded a EUR 6.01 billion surplus, increasing 44.3% from EUR 4.17 billion a year earlier. Within this category, tourism revenues were EUR 7.3 million, a declined from EUR 8.5 million a year earlier. In contrast, the primary and secondary income deficit widened to EUR 1.4 billion from EUR 1.15 billion. For the first quarter of 2026, the current account balance reached EUR 11.4 billion, an increase of 15% from EUR 9.9 billion in the same period last year.

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.