Spain Current Account September 2021


Spain: Current account deficit moderates in September

December 1, 2021

The current account recorded a USD 2.2 billion surplus in September, down from USD 1.0 billion in August (September 2020: 0.3 billion deficit). Meanwhile, the 12-month trailing current account surplus remained unchanged, coming in at EUR 10.3 billion in September (August: USD 10.3 billion surplus).

According to the Bank of Spain, September’s result was driven by a higher trade surplus more than offsetting a wider deficit in primary and secondary incomes compared to the same period of 2020.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.3% of GDP in 2022 and 1.3% of GDP again in 2023.

Author: Massimo Bassetti, Senior Economist

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Spain Current Account Chart

Spain Current Account September 2021

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain (BdE) and FocusEconomics calculations.

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