1 April 2026

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

Fourth Quarter 2025

Main results

The net lending of the national economy compared with the rest of the world stood at 17,764 million euros in the fourth quarter of 2025.
Gross national income reached 452,316 million euros and gross national disposable income stood at 447,591 million euros. In 2025 as a whole, the national income was of 1,686,024 million, 6.0% above than that in 2024.
The savings rate of households was 16.0% of their gross disposable income in the fourth quarter, compared to 17.1% in the same period of 2024. In 2025 as a whole, the savings rate of households stood at 12.0% of their disposable income, seven tenths lower than in 2024.

More information

The Spanish economy recorded a net lending compared with the rest of the world of 17,764 million euros in the fourth quarter of 2025, accounting for 3.9% of the Gross Domestic Product (GDP) for that period.

This was 161 million higher than in the same quarter of the previous year, and is the result of a higher 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 abroad than in the same quarter of the previous year, which was sufficient to offset the decrease in the balance of capital transfers and acquisitions of non-financial assets.

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

Unit: million euros

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All institutional sectors showed a positive financing capacity in the fourth quarter of 2025, except for Public Administrations, which had a borrowing requirement of 20,900 million euros, although this figure was an improvement of 9,187 million euros compared with the last quarter of 2024.

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

Unit: million euros

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After adjusting for seasonal and calendar effects, the net lending of the national economy stood at 3.7% of GDP in the fourth quarter of 2025, two tenths less than in the previous quarter.

In 2025 as a whole, the Spanish economy registered a net lending of 66,741 million euros, 4.0% of the GDP of said period. This figure was 1,971 million euros less than in 2024 (which was 68,712 million, 4.3% of GDP).

National income

Domestic gross value added increased by 7.3% in the fourth quarter compared to the same period in 2024. This was due both to the increase in the remuneration of resident employees, and, to a lesser extent, to the growth of the gross operating surplus.

In turn, the amount of taxes on production and imports, net of subsidies, increased by 15.3%, 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 6.9%.

National income

Units: millions of euros and percentage rates

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After adjusting for seasonal and calendar effects, the gross national income and gross national disposable income grew by 2.9% and 2.6% respectively, compared with the third quarter of 2025.

In 2025 as a whole, the aggregate of gross national income of the national economy stood at 1,686,024 million euros, 6.0% higher than in 2024.

Households

The gross added value generated by the sector Households increased by 5.6% year-on-year this quarter and the operating surplus and gross mix income by 5.3%. In turn, the gross disposable income grew by 5.4% and the household final consumption expenditure by 6.8%.

The Household savings rate stood at 16.0% of its gross disposable income, compared to the 17.1% 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 24,901 million euros (compared to the 34,464 million in estimated net lending for the same quarter in 2024).

Excluding seasonal and calendar effects, the savings rate in the sector decreased by one tenth compared with the previous quarter, standing at 11.9%.

Household savings

Percentage of Quarterly Gross Disposable Income
Adjusted for seasonal and calendar effects

In 2025 as a whole, the value added generated by Households increased by 5.2%, and its operating surplus and gross mixed income grew by 5.1%. These two items, together with the generated saving, it was enough to finance the investment of the sector. Thus, Households presented a net lending of 48,664 million euros in 2025, compared to a net lending of 62,645 million in 2024).

In 2025 as a whole, the savings rate of households stood at 12.0% of their disposable income, seven tenths lower than in 2024.

Non-financial corporations

Gross value added generated by Non-Financial Corporations increased by 6.2% in the fourth quarter as compared with the same quarter in 2024 and the gross operating surplus increased by 5.3%. If we remove seasonal and calendar effects, the share of the sector's gross surplus in its value added was 38.1%, a similar figure to that the previous quarter.

In turn, the disposable income of Non-Financial Corporations increased by 1.0% and investment grew by 0.9%, to 63,282 million euros.

This disposable income, together with its capitals transfer balance was sufficient to finance the investment volume of the sector, which generated a net lending of 7,851 million this quarter.

In 2025 as a whole, the value added generated by Non-Financial Corporations increased by 6.3% compared with 2024, while its operating surplus increased by 4.0%. The sector generated sufficient savings to finance the investment, which amounted to 222,895 million euros (4.6% higher than the previous year), allowing a net lending of 20,487 million euros (compared with 25,504 million in 2024).

General Government

The gross disposable income of General Government increased by 15.3% in the fourth quarter compared with the same period in 2024, and the final consumption expense rose by 8.4%. In turn, investment grew by 8.6%, resulting in the sector presenting a borrowing requirement of 20,900 million euros, compared with the requirement of 30,087 million in the same quarter of the previous year.

In 2025 as a whole, the disposable income of the General Government increased by 8.6% and its final consumption expenditure rose by 5.3%. Investment grew by 12.9%, to 48,595 million euros, generating together with the savings of the sector, a borrowing requirement of 40,330 million euros (compared with a borrowing requirement of 51,267 million in 2024).

Financial institutions

The gross value added of Financial Institutions increased by 1.8% year-on-year in this quarter. The gross operating surplus increased by 0.1%.

The sector's gross disposable income grew by 30.7% compared with the fourth quarter of 2024, reaching 9,440 million euros.

Investment by Financial institutions amounted to 3,124 million euros (during the same quarter of the previous year it was 1,981 million). As a result, these institutions presented a net lending of 5,912 million euros, compared with 5,126 million euros in the same period of 2024.

In 2025 as a whole, the value added generated by Financial institutions fell by 4.7% compared with 2024. The sector's savings grew by 19.7%, which was enough to finance investment. The sector's net lending was 37,920 million euros, compared with 31,830 million in 2024.

Data revisions and updates

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.

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.

For further information see

Official INE account on @es_ine

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