The Balance of Payments and International Investment Position of Spain in 2022

Pana Alves, Patricia Jiménez Martínez, Gregorio del Portillo Miguel and María Isabel Simón Gil
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Pana Alves: Banco de España
Patricia Jiménez Martínez: Banco de España
Gregorio del Portillo Miguel: Banco de España
María Isabel Simón Gil: Banco de España

Economic Bulletin, 2023, issue 2023/Q2, No 05

Abstract: Rationale The balance of payments and international investment position (IIP) are important because of the information they provide on economic relations with the rest of the world, which affect the national economy. Their analysis is of even greater interest in the light of recent events, such as the war in Ukraine and its impact on energy prices. Takeaways •In 2022 the Spanish economy’s net lending fell, owing largely to the deterioration in the energy trade balance. The services balance performed favourably, particularly in the case of travel services, which returned to pre-pandemic levels. •The negative net IIP continued to correct in 2022, standing at 60.5% of GDP, the lowest level in 18 years, thanks to GDP growth, the positive amount of financial transactions with the rest of the world and positive valuation effects. •Spain’s outward foreign direct investment and inward foreign investment in Spain recovered their pre-pandemic levels, with a notably strong performance by the non-financial corporations sector.

Keywords: Net lending/net borrowing; current account; capital account; international tourism; energy deficit; Next Generation EU; financial transactions; foreign direct investment; ultimate investing economy; international investment position; foreign debt (search for similar items in EconPapers)
JEL-codes: E50 F10 F21 F23 F30 F32 F34 F36 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2023:i:02:n:05

DOI: 10.53479/30130

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