The Balance of Payments and International Investment Position of Spain in 2015

Cesar Martin Machuca, Álvaro Menéndez and Fernando Nieto

Economic Bulletin, 2016, issue MAY, No 1, 3-19

Abstract: According to the balance of payments (BoP) statistics, in 2015 the Spanish economy once again became a net lender as a result of both temporary factors (including oil price declines and low interest rates) and others of a long-term nature relating to cumulative gains in competitiveness and an increase in the number of regular exporters. The Spanish economy’s net debtor international investment position (IIP) decreased in 2015 for the second consecutive year. The nation’s net lending and higher nominal GDP counteracted the negative impact of valuation effects on the net IIP expressed as a percentage of GDP. This article describes in detail the contribution of the various BoP items to net lending and the breakdown by institutional sector and functional category of the 2015 financial and IIP transactions.

Date: 2016
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