Despite European funds, foreign direct investment (FDI) in Spain fell to €30.76 billion in 2025 — down 21.8% on the previous year and the lowest figure since 2021, according to Spain's Ministry of Economy.
The drop contrasts sharply with the peak reached in 2024, when FDI reached €39.35 billion. In net terms — after deducting disinvestments — the decline was 10%.
The fall comes as global foreign investment grew by around 14% in 2025, with advanced economies posting growth of at least 5%, according to estimates by the United Nations Conference on Trade and Development (UNCTAD) — widening the gap with Spain's performance.
The United States was the leading investor in Spain last year, contributing around €10 billion, largely through technology and data centre projects.
France, the United Kingdom and Germany followed, while China placed seventh with €643 million, behind Singapore.
By region, the Community of Madrid attracted nearly €16 billion — more than half the national total.
Catalonia received €4.51 billion, and Aragon came third with €3.39 billion, driven by renewable energy and data centre projects. Andalusia ranked fourth with €1.33 billion.
No other region exceeded €1 billion.
The decline also coincides with a lower public profile from Pedro Sánchez's government on the issue, after the executive made Spain's attractiveness to foreign capital a flagship message in 2024.