The variation rates and ratios in this press release are rounded to one decimal place.
The national economy recorded a net lending capacity compared with the rest of the world of 13,654 million euros in the second quarter, accounting for 3.1% of the Gross Domestic Product (GDP) for that period and a decrease of 5,804 million as compared to the same quarter of the year before.
This decrease 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 in the year before.
Unit: million euros
Unit: million euros
After removing the seasonal and calendar effects, the net lending of the national economy stood at 3.3% of the GDP, seven tenths less than in the previous quarter.
The gross national income increased by 5.3% in the second 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 3.6%, while property income with the rest of the world showed a more negative balance than in the second quarter of 2025.
Despite the greater negative balance of these incomes and current transfers with the rest of the world as compared to the same quarter of 2025, the gross national disposable income grew by 5.3%, the same variation as the gross national income.
Units: million euros and percentage rates
After removing the seasonal and calendar effects, the gross national income and gross national disposable income rose by 0.5% and 0.9% respectively, compared with the first quarter of 2026.
The gross added value generated by the sector Households increased by 4.9% year-on-year this quarter and the operating surplus and gross mix income by 4.6%. In turn, gross disposable income grew by 5.5% and the household final consumption expenditure by 7.1%.
The Household savings rate stood at 18.7% of its gross disposable income, compared to the 19.9% 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 34,967 million euros, compared to the 36,380 million in estimated net lending for the same quarter in 2025.
Once seasonal and calendar effects are removed, the savings rate in the Households sector increased by six tenths compared with the previous quarter, standing at 11.0%.
Percentage of Quarterly Gross Disposable Income
Adjusted for seasonal and calendar effects
Gross value added generated by Non-Financial Corporations increased by 6.2% in the second quarter as compared with the same quarter in 2025 and the gross operating surplus of the sector increased by 5.4%.
With seasonal and calendar effects removed, the share of the sector's gross surplus in its value added was 38.6%, a similar rate to that the previous quarter.
In turn, the disposable income of Non-financial Corporations decreased by 3.5%.
This disposable income, together with its capitals transfer balance, was sufficient to finance the investment volume of the sector, which amounted to 58,392 million, 7.7% higher than that of the same quarter of the previous year. All of this generated a net lending of 256 million for the Non-Financial Corporations this quarter.
The gross disposable income of Public Administrations increased by 5.2% in the second quarter compared with the same period in 2025, and the final consumption expense by 6.6%. In turn, investment grew by 8.6%, resulting in the sector presenting a need for 32,002 million euros in funding, compared to the 28,108 millions needed in the same quarter in 2025.
Percentage over Quarterly Gross Domestic Product
Adjusted for seasonal and calendar effects
The gross value added of Financial Institutions increased by 0.6% year-on-year in this quarter. The gross operating surplus decreased by 4.5%.
On the other hand, the gross disposable income rose by 7.7% compared with the same quarter in 2025.
Investment by Financial institutions amounted to 3,396 million euros, while in the same quarter of the previous year it was 2,015 million. As a result, these institutions presented a net lending of 10,433 million euros this quarter, compared with 11,207 million euros in the same period of 2025
The INE has today updated the seasonally and calendar adjusted data for the CTNFSI from the first quarter of 2023. All results are available on INEbase.
On the other hand, the national accounts will undergo a new extraordinary revision in 2027 due mainly to the incorporation of data on transversal reservations (established by the European Commission for all EU countries within the same timeframe) and to methodological changes in information sources.
The European Commission (via Eurostat) has verified the sources and methods used to calculate the Gross National Income (GNI) of EU countries. This verification has not revealed any specific issues in Spain regarding its reliability, consistency, and completeness. However, it has identified two issues that all Member States need to continue working on in order to ensure the comparability of their GNI estimates.
One of these aspects refers to the treatment of non-resident operators for VAT purposes. Eurostat has set a deadline for studying the due registration of these operators' commercial transactions in the national accounts, which ends on 30 September 2026.
Their impact on GNI is considered to be above the materiality threshold (set at 0.1% of each country's GNI) and must be incorporated in 2027, for data from 2018 onwards, into the GNI estimates sent to Eurostat in compliance with the transmission program of the European System of National Accounts 2010. This revision will also be incorporated into the national publication in 2027 to maintain its alignment with EU publications.
This information relating to 2027 will be expanded in the press release with regard to the Quarterly Accounts of December 2026.
In accordance with the Commission's Delegated Regulation (EU) 2023/137, the INE has begun to work on incorporating the new National Classification of Economic Activities CNAE–2025 in all its statistical operations. In the case of the Non-Financial Quarterly Accounts of Institutional Sectors (NFQAIS), the first publication of results with CNAE–2025 will take place in September 2030.
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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