Spain Current Account


Current account records smallest surplus in five months

Spain's current account balance incurred a surplus of EUR 339 million in September, marking the lowest surplus since April. The figure represented a deterioration over the EUR 2.5 billion surplus recorded in August, but contrasted the EUR 402 million deficit tallied in the same month last year. In the 12 months up to September, the current account balance recorded a surplus of EUR 7.1 billion, which was an increase over the EUR 6.4 billion surplus observed in the previous month.

The trade balance recorded a EUR 2.6 billion deficit in September, matching the result tallied in the same month last year. Exports expanded 8.4% in annual terms, which was well above the 4.3% rise recorded in August. Meanwhile, imports rose 6.9% in September, contrasting the 3.6% decline recorded in the previous month.

The ongoing rebalancing process is key for the Spanish economy, as foreign investment and exports continue to be the country's only source of economic growth. FocusEconomics Consensus Forecast panelists expect the current account balance to shift to a 1.3% surplus in 2013, which would represent the first current account surplus since 1986. In 2014, the panel sees the current account surplus rising further to 2.2% of GDP.

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Spain Current Account Chart

Spain Current Account September 2013

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain.

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