The investment of Spanish companies outside our borders continues to decline. During the first quarter of 2026, gross investment abroad stood at 2.915 billion euros, a 60.8% decrease compared to the same period the previous year. This drop places Spanish investment abroad at levels similar to those observed after the financial crisis of the early last decade.
This behavior also coincides with a deceleration of private investment within Spain. During the first months of the year, companies moderated the pace of their investments, a situation that is also reflected in the projects developed outside the national market.
However, this evolution contrasts with that observed on a global scale. According to the latest report from the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment grew by around 6% in 2025, ending two consecutive years of declines. Nevertheless, the organization warns that this recovery remains fragile and uneven, highly concentrated in a small number of countries, sectors, and large projects. International geopolitical uncertainty, persistent inflation, and more demanding financing conditions continue to weigh on companies’ expansion plans worldwide.
An increasing share of international investment is concentrated in sectors related to artificial intelligence, digital infrastructure, semiconductors, and energy transition. According to UNCTAD, these activities already account for nearly 44% of the value of new international projects announced, compared to 16% that they concentrated in 2020.
In the Spanish case, the sectors that attracted the most investment abroad during the first quarter were manufacturing, with 575 million euros; financial and insurance activities, with 500 million; transportation and storage, with 295 million; energy supply, with 224 million; and telecommunications, IT services, and consulting, with 202 million. These are activities that require a high level of technology and mobilize significant investments.
Madrid and Catalonia concentrated the majority of Spanish investment abroad, with 1.189 billion euros and 1.058 billion, respectively. At a certain distance were the Basque Country, with 280 million, and Cantabria, with 227 million, a community that has gained weight in recent years thanks to the growing international presence of its companies.
By destinations, the United States maintains a clear leadership position. Spanish companies allocated more than 622 million euros to the U.S. market during the first three months of the year. The United Kingdom, Luxembourg, Mexico, and Chile also rank among the main recipients of Spanish capital, although in several of these cases, intragroup financing has a particularly relevant weight.
The Bank of Spain indicates that Latin America continues to be the second region with the greatest presence of Spanish companies, only behind the eurozone. More than 1,700 Spanish companies maintain direct investments in the region, and Mexico stands out as one of the markets with the highest Spanish business presence.
The United States also holds a prominent position as an investor in Spain. During 2025, investment from the North American country exceeded 10 billion euros, becoming the main source of foreign capital received by the Spanish economy. France, the United Kingdom, and Germany completed the top positions in the ranking.
The data from the beginning of 2026 points, ultimately, to a phase of caution in the international expansion of Spanish companies. The evolution of interest rates, the stability of the geopolitical environment, and the growth prospects of the main markets will be decisive factors in determining whether this decline responds to a temporary cycle or anticipates a longer period of lower investment abroad.
