Spain: Current account balance recovers some ground in October
December 30, 2016
Spain’s current account balance recorded a surplus of EUR 2.0 billion in October, which was above both the EUR 1.9 billion surplus observed in the same month of 2015 and the EUR 1.5 billion surplus logged in September 2016—the smallest positive balance in six months. In the 12 months up to October, the current account balance recorded a record high surplus of EUR 20.7 billion, unchanged from the same reading seen in September.
According to the Bank of Spain, the increase in the current account balance was mainly driven by a strong surplus in goods and services, particularly tourism.
Author: David Ampudia, Economist