FX.co ★ Spain’s Current Account Surplus Shrinks Sharply in November 2025

Spain’s current account surplus narrowed dramatically in November 2025, falling to €0.21 billion from €7.18 billion in October 2025, according to data updated on 30 January 2026.

The abrupt slowdown marks a significant shift in Spain’s external balance over a single month, suggesting a sharp cooling in net foreign income or trade flows heading into the year-end period. While the current account remained in surplus, the scale of the drop from October’s strong reading highlights increased volatility in Spain’s external position as of late 2025.

Analysts and investors will be watching subsequent releases closely to determine whether November’s figure reflects a temporary adjustment or the start of a more sustained narrowing in Spain’s current account surplus.