The national economy recorded a net lending compared with the rest of the world of 11,374 billion euros in the first quarter, accounting for 2.7% of the Gross Domestic Product (GDP) for that period and a decrease of 1,025 billion as compared to the same quarter of the year before.
This reduction is explained by a higher 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.
Unit: million euros
Unit: million euros
After adjusting for seasonal and calendar effects, the net lending of the national economy stood at 3.4% of the GDP, one tenth less than in the previous quarter.
The gross national income increased by 6.3% in the first quarter compared with the same period of 2025, due both to the increase in compensation of resident 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 4.6%, 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 5.4%.
Units: million euros and percentage rates
After adjusting for seasonal and calendar effects, gross national income and gross national disposable income grew by 0.6% and 0.5% respectively compared to the fourth quarter of 2025.
The gross added value generated by the sector Households increased by 6.9% year-on-year this quarter and the operating surplus and gross mix income by 6.9%. In turn, the gross disposable income grew by 5.1% and the household final consumption expenditure by 6.1%.
The Household savings rate stood at 4.1% of its gross disposable income, compared to the 4.9% 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 9,905 billion euros (compared with the 7,007 billion euros estimated for the same quarter of 2025).
Excluding seasonal and calendar effects, the savings rate in the sector increased by six tenths compared with the previous quarter, standing at 11.3%.
Percentage of Quarterly Gross Disposable Income
Adjusted for seasonal and calendar effects
Gross value added generated by Non-Financial Corporations increased by 6.7% in the first quarter as compared with the same quarter in 2025 and the gross operating surplus of the sector increased by 5.1%.
After adjusting for seasonal and calendar effects, the share of the sector's gross surplus in its value added was 37.9%, one tenth lower than in the previous quarter.
In turn, the disposable income of Non-financial Corporations decreased by 4.0%.
This disposable income, together with its balance of capital transfers, was sufficient to finance the sector's investment volume, which amounted to 53,213 million (4.6% more than in the same quarter of the previous year) and generated a financing capacity of 12,248 million in this quarter.
The gross disposable income of Public Administrations increased by 7.4% in the first quarter compared to the same period in 2025, and the final consumption expense by 6.2%.
In turn, the investment grew by 8.7%, resulting in the sector presenting a financing need of 6,430 million euros, compared to the need of 6,404 millions the same quarter of the previous year.
Percentage over Quarterly Gross Domestic Product
Adjusted for seasonal and calendar effects
The gross value added of Financial Institutions increased by 0.3% year-on-year in this quarter. The gross operating surplus decreased by 1.4%.
The gross disposable income of the sector increased by 3.6% compared with the same quarter in 2025.
Investment by Financial institutions amounted to 17 million euros (during the same quarter of the previous year it was 913 million). Therefore, these institutions presented a net lending of 15,461 million euros this quarter, compared to the 13,923 the same period 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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