The national economy recorded a net lending compared with the rest of the world of 19.35 billion euros in the second quarter, accounting for 4.6% of the Gross Domestic Product (GDP) for that period and an increase of 487 million as compared to the same quarter of the year before.
This drop can be explained by a lower balance of foreign trade in goods and services which, together with the evolution of income and current transfers, produced a higher balance of current transactions with the external sector than in the same quarter of the previous year, offset by a lower balance of capital transfers and acquisitions of non-financial assets.
Unit: million euros
Unit: million euros
After adjusting for seasonal and calendar effects, the net lending of the national economy stood at 4.1% of the GDP, 0.1 less than in the previous quarter.
The gross national income increased by 6.0% in the third quarter compared with the same period of 2024, due both to the increase in compensation of resident salaried employees and, to a lesser extent, to the growth of gross operating surplus.
In turn, the amount of taxes on production and imports, net of subsidies, increased by 7.2%, while property income with the rest of the world showed a less negative balance.
Taking into account the lower negative balance of current transfers with the rest of the world, gross national disposable income increased by 6.2%.
Units: million euros and percentage rates
After adjusting for seasonal and calendar effects, gross national income and gross national disposable income grew by 1.5% and 1.6% respectively compared with the second quarter of 2025.
The gross added value generated by the sector Households increased by 5.8% year-on-year this quarter and the operating surplus and gross mix income by 6.3%. In turn, gross disposable income grew by 4.2% and the household final consumption expenditure by 6.0%.
The Household savings rate stood at 4.6% of its gross disposable income, compared to 6.0% in the same quarter of the previous year.
Thus, after taking into account the balance of capital transfers from the sector, Households recorded a net borrowing of 7,537 million euros (compared with the 3,588 million euros estimated for the same quarter of 2024).
Excluding seasonal and calendar effects, the savings rate in the sector increased by 0.1 compared with the previous quarter, standing at 12%.
Percentage of Quarterly Gross Disposable Income
Adjusted for seasonal and calendar effects
Gross value added generated by Non-Financial Corporations increased by 6.8% in the third quarter as compared with the same quarter in 2024 and the gross operating surplus of the sector increased by 5.4%.
If we remove seasonal and calendar effects, the share of the sector's gross surplus in its value added was 38.0%, 0.1 lower than in the previous quarter.
In turn, the disposable income of Non-Financial Corporations increased by 4.7% and investment grew by 11.5%.
This disposable income, together with its capitals transfer balance was sufficient to finance the investment volume of the sector, rising to 56.676 billion, which generated a net lending of 1.795 billion this quarter.
The gross disposable income of General Government increased by 9.9% in the third quarter compared with the same period in 2024, and the final consumption expenditure by 4.2%. In turn, the investment grew by 11.3%, resulting in the sector presenting a net lending of 15.932 billion euros, compared with the lending of 10.805 billion for the same quarter of the previous year.
If seasonal and calendar effects are excluded, the Public Administration agencies recorded a net borrowing of 2.2% of GDP, four tenths less than in the previous quarter.
Percentage over Quarterly Gross Domestic Product
Adjusted for seasonal and calendar effects
The gross value added of Financial Institutions increased by -8.8% year-on-year in this quarter. The gross operating surplus decreased by 14.2%.
The sector's gross disposable income rose by 27.1% compared to the same quarter of 2024, due to the performance of property income (receivables, net).
Investment by Financial institutions amounted to 1,987 million euros (during the same quarter of the previous year it was 2,256 million). Therefore, these institutions presented a net lending of 9,160 million euros this quarter, compared to the 6,912 the same quarter last year.
The INE has today updated the seasonally and calendar adjusted data for the CTNFSI from the first quarter of 2025. All results are available on INEbase.
The objective of the Quarterly Non-financial Accounts for the Institutional Sectors (QNFIS) is to discover the economic relationships between the institutional units that form the national economy (households and non-profit institutions serving households, non-financial corporations, financial corporations and public administrations) and between them and the rest of the world in an ordered series of accounts that describe each phase of economic processes (production and creation of income, distribution and redistribution, final consumption, savings and asset accumulation). These results are prepared in compliance with the conceptual and regulatory framework established by the European System of National and Regional Accounts (ESA 2010), approved by the Regulation (EU) 549/2013, of the European Parliament and of the Council, of 21 May.
The results are published around 90 days following the end of the reference quarter (t+90 days, being t the reference quarter), at the same time as the main aggregates of the national economy provided by the Quarterly National Accounts of Spain. This offers a complete and integrated view of the quarter’s economic evolution.
Both operations are prepared with all the information available at that time. In particular, these results include quarterly information on the Balance of Payments published by the Bank of Spain at around t+85 days, and on the Quarterly Accounts of General Government, disseminated by the Comptroller General of the State Administration at around t+90 days.
The QNFAIS are presented both in the form of integrated and detailed economic accounts as well as in a series of results of the operations and account balances of the institutional sectors and of the national economy. Besides, the adjusted series of seasonal and calendar nature of the main balances of the national economy, of aggregate flows with the rest of the world, and of the most relevant operations and balances for the analysis of the Non-financial corporations, Public Administrations and Households sectors are disseminated, in line with the information requirements of the SEC 2010.
More information on the methodology and the standardised methodological report.
INE statistics are produced in accordance with the Code of Good Practice for European Statistics. More information on Quality at INE and Code of Best Practices.
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