Spain: Current account deficit continues to narrow
August 31, 2012
In June, the current account balance incurred a deficit of EUR 257 million, which represents an improvement over the EUR 1.3 billion shortfall recorded in the same month last year and marks, in fact, the smallest monthly deficit in over a decade. The trade balance reached a EUR 2.2 billion deficit in June, an improvement over the EUR 3.4 billion deficit recorded in the same month last year, as exports outpaced imports. Exports increased 4.9%, slightly down from the 5.5% expansion recorded in May. Meanwhile, imports declined 1.1%, which followed the 2.1% fall recorded in the previous month. As a result of the monthly figure, the 12-month moving sum of the current account balance improved, stepping up from a EUR 31.1 billion deficit in May to a EUR 30.1 billion deficit in June, the smallest shortfall in over eight years.