Spain’s household and corporate accounts in 2024: Diverging growth paths

Spain’s household and corporate accounts in 2024: Diverging growth paths

Non-financial accounts

Fecha: julio 2025

María Jesús Fernández

SEFO, Spanish and International Economic & Financial Outlook, V. 14 N.º4 (July 2025)

Against the backdrop of impressive GDP growth in Spain in 2024, household incomes grew strongly for a second consecutive year, supported by wage gains, rising property income, and easing inflation. This trend led to a significant increase in savings and a record-high net lending position. Despite higher interest payments, households remained financially sound, with debt ratios continuing to fall relative to income and GDP thanks to a growth in savings. In contrast, non-financial corporations saw a decline in gross operating surplus and weak investment dynamics, with real capital formation still lagging pre-pandemic levels. While corporate dividend payouts reached record highs, retained earnings fell, suggesting limited reinvestment capacity. Overall, 2024 revealed a growing divergence between household financial resilience and corporate underperformance, pointing to a structural shift in Spain’s post-pandemic economic landscape.

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