Spain’s 2025 sector accounts: Strong household balances, weak business investment
Non financial accounts
Fecha: julio 2026
María Jesús Fernández
SEFO, Spanish and International Economic & Financial Outlook, V. 15 N.º 4 (July 2026)
Spain’s household and non-financial corporation accounts for 2025 reflect the defining traits of the current growth phase: robust nominal income growth, cautious balance sheet management, and persistent weakness in business investment. Household disposable income grew in nominal terms, driven mainly by employment expansion, but real per-capita gains were modest and purchasing power remains only marginally above 2019 levels. The savings rate declined as consumption growth outpaced income, with net household lending falling to 2.9% of GDP. However, debt leverage and debt service burdens continued to ease and financial wealth rose sharply on the back of equity and investment fund revaluations. For nonfinancial corporations, operating surpluses grew in nominal terms but the profit share in gross value added continued to compress, and real earnings have still not recovered to prepandemic levels. Both sectors nonetheless again generated net lending positions and saw significant asset revaluations, leaving them with meaningful buffers against an uncertain macroeconomic outlook.