Spain: Current account balance swings to deficit in March
May 29, 2020
Spain’s current account balance recorded a deficit of EUR 1.1 billion in March, contrasting the EUR 1.1 billion surplus recorded in March 2019 and the EUR 1.3 billion surplus logged in February. In the 12 months up to March 2020, the current account balance reached a surplus of EUR 25.4 billion, below the EUR 27.6 billion surplus in the 12 months up to February.
According to the Bank of Spain, the swing to a current account deficit from the surplus a year ago reflected the trade balance registering a deficit of EUR 0.3 billion in March, in large part due to lower tourism revenues amid the coronavirus-induced shutdown of foreign travel, contrasting the EUR 1.5 billion surplus logged in March 2019.
Author: Javier Colato, Economist