Spain: Current account balance jumps in November
January 31, 2017
Spain’s current account balance recorded an almost two-year high surplus of EUR 3.3 billion in November, which was above both the EUR 2.1 billion surplus observed in the same month of 2015 and the EUR 2.0 billion surplus logged in October 2016. In the 12 months up to November, the current account balance reached a record high surplus of EUR 21.9 billion, which was well above October’s EUR 20.7 billion surplus.
According to the Bank of Spain, the increase in the current account balance was mainly driven by a strong surplus in goods and services. Although tourism continued to make up for the bulk of the surplus in goods and services, its share actually diminished in November when compared to the same month of 2015. This confirms the strong momentum observed in other Spanish exporting sectors, which are benefiting from the weak euro.
Author: David Ampudia, Economist