The indebtedness of families and businesses falls to the level of 25 years ago

BarcelonaThe growth of the economy translated last year into the lowest level of household and business debt in 25 years. And, on the other hand, household financial wealth, resulting from the difference between assets held and debts, reached a record of 2.645 trillion euros, representing 156.8% of GDP, compared to the average of 149.1% since 2022, according to data from the financial accounts of the Spanish economy published by the Bank of Spain.

According to this data, household and business debt increased to 723 billion euros in 2025, compared to 696 billion in 2024. Nevertheless, in relative terms to GDP, it decreased, falling to 42.8%, "the lowest level since the end of 1999". For its part, consolidated business debt grew to 1.056 trillion euros, compared to 1.048 trillion in 2024. In GDP terms, the ratio fell to 62.6%, representing "a minimum not observed since the third quarter of 2021".

Household financial assets, which include cash, deposits, and stocks, increased by 292.1 billion euros compared to a year earlier and reached 3.436 trillion euros, 9.3% more than in December 2024. This represents 203.7% of GDP, compared to 196.8% in 2024. In household portfolios, "a slight increase in equity holdings (stocks) and investment funds" offset the downward trend in cash and deposits, according to the Bank of Spain.

In any case, cash and deposits accounted for 33.4% of total financial assets, but were at their lowest levels in the last 30 years. For their part, stocks and holdings in investment funds were close to their maximum, with a weight very close to that of deposits, at 32.3%.