Current press release at:https://www.ine.es/dyngs/Prensa/en/CTNFSI4T24.htm
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2 April 2025

Quarterly Non-Financial Accounts for the Institutional Sectors (QNFAIS)

Fourth Quarter 2024

Main results

  • The net lending of the national economy compared to the rest of the world stood at 17,647 million euros in the fourth quarter of 2024.
  • Gross national income reached 420,309 million euros in the fourth quarter and the gross national disposable income came to 417,691 million. In 2024 as a whole, the national income was of 1,583,482 million, 6.2% above that of the previous year.
  • The savings rate of households was 17.4% of their gross disposable income in the fourth quarter, compared to 17.9% in the same period of 2023. In 2024 as a whole, the savings rate of households stood at 13.6% of their gross disposable income, 1.6% above that of the previous year.

More information

The national economy recorded a net lending compared with the rest of the world of 17,647 million euros in the fourth quarter, accounting for 4.2% of the Gross Domestic Product (GDP) for that period.

This increase is explained by a lower balance of foreign trade in goods and services which, combined with the evolution of current income and transfers, provided a balance of current transactions with the rest of the world lower than that of the same quarter of the previous year.

Net lending (+) / Net borrowing (-) of the national economy

Unit: million euros

Net lending (+) / Net borrowing (-) of the national economy

Unit: million euros

After adjusting for seasonal and calendar effects, the net lending of the national economy stood at 3.6% of the GDP, 0.9 points less than in the previous quarter.

In 2024 as a whole, the Spanish economy registered a net lending of 66,620 million euros, 4.2% of the GDP of said period. This figure was 10,451 million higher than in 2023 (which was 56,169 million, 3.7% of the GDP).

National income

The gross national income increased by 6.3% in the fourth quarter compared with the same period of 2023, 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 18.6%, while property income with the rest of the world showed a less negative balance.

Taking into account the higher negative balance of current transfers with the rest of the world, gross national disposable income increased by 6.2%.

National income

Units: million euros and percentage rates

After adjusting for seasonal and calendar effects, the gross national income and gross national disposable income grew by 1.9% and 1.8% respectively, compared to the third quarter of 2024.

In 2024 as a whole, the aggregate of gross national income of the national economy stood at 1,583,482 million euros, 6.2% higher than in 2023.

Households

The gross added value generated by the sector Households increased by 7.5% year-on-year this quarter and the operating surplus and gross mix income by 8.7%. In turn, gross disposable income grew by 7.2% and the household final consumption expenditure by 8.0%.

The Household savings rate stood at 17.4% of its gross disposable income, compared to the 17.9% in the same quarter of the previous year.

Thus, after taking into account the balance of capital transfers in the sector, Households recorded a net lending of 35,952 million euros (compared to the 23,545 million in estimated net lending for the same quarter in 2023).

Excluding seasonal and calendar effects, the savings rate in the sector increased by 0.6 points compared with the previous quarter, standing at 13.4%.

In 2024 as a whole, the savings rate of households stood at 13.6% of their gross disposable income, 1.6% above that of the previous year.

Household savings

Percentage of Quarterly Gross Disposable Income

Adjusted for seasonal and calendar effects

In 2024 as a whole, the value added generated by Households increased by 8.9%, and its operating surplus and gross mixed income grew by 10.7%, compared to 2023. Together with the generated saving, it was enough to finance the investment of the sector.

Thus, Households presented a net lending of 74,413 million euros in 2024, compared to a net lending of 44,597 million in 2023).

Non-financial corporations

Gross value added generated by Non-Financial Corporations increased by 5.6% in the fourth quarter as compared with the same period in 2023, while the variation in the gross operating surplus of the sector decreased by 0.4%.

After adjusting for seasonal and calendar effects, the share of the sector's gross surplus in its value added was 36.2%, seven tenths lower than in the previous quarter.

In turn, the disposable income of Non-Financial Corporations decreased by 2.0%, while investment increased by 14.7%.

This disposable income, together with its balance of capital transfers, was sufficient to finance the sector's investment volume, which amounted to 59,916 million (14.7% more than in the same quarter of the previous year) and generated a financing capacity of 4,998 million in this quarter.

In 2024 as a whole, the value added generated by Non-Financial Corporations increased by 4.8% compared to 2023, while its operating surplus decreased by 2.4%. The sector generated enough savings to finance the investment, allowing a net lending of 14,240 million euros in 2024 (compared to 29,704 million in 2023).

General Government

The gross disposable income of Public Administrations increased by 12.4% in the fourth quarter compared to the same period in 2023, and the final consumption expense by 4.3%. In turn, investment grew by 10.2%, resulting in the sector presenting a financing requirement of 28,750 million euros, compared with the requirement of 25,295 millions the same quarter of the previous year.

In 2024, the disposable income of the Public Administrations increased by 8.8% and its final consumption expenditure by 4.8% compared to 2023. Investment fell by 4.5%, generating together with the savings of the sector, a financing need of 50,187 million euros in 2024 (compared to a financing need of 52,669 million in 2023).

Financial institutions

The gross value added of Financial Institutions increased by 2.6% year-on-year in this quarter. The gross operating surplus decreased by 6.4%.

The gross disposable income of the sector decreased by 11.5% compared with the same quarter in 2023.

Investment by Financial institutions amounted to 2,819 million euros (during the same quarter of the previous year it was 1,973 million). Therefore, these institutions presented a net lending of 5,447 million euros this quarter, compared to the 7,864 the same quarter last year.

Throughout 2024, the value added generated by Financial institutions increased by 8.2% compared to 2023. The savings of the sector decreased by 9.2%, enough to finance the investment of the sector, which presented a net lending of 28,154 million euros (compared to 34,537 million in 2023).

Data revisions and updates

The INE has updated today the CTNFSI data from the first quarter of 2024. All results are available on INEbase.

Methodological note

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.

Type of operation:
quarterly continuous survey.
Geographical scope:
the entire national territory.
Collection method:
summary statistics. 

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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