Spain Current Account


Spain: Current account deficit narrows again in May

July 31, 2014

Spain’s current account balance incurred a deficit of EUR 584 million in May, which marked an improvement over the EUR 1.6 billion shortfall recorded in April, but significantly contrasted the EUR 2.4 billion surplus tallied in the same month last year. In the 12 months up to May, the current account balance recorded a surplus of just EUR 0.6 billion, which was below the EUR 3.5 billion surplus observed in the previous month and marked a 13-month low.

The trade balance recorded a EUR 1.1 billion deficit in May, which represented an improvement over the EUR 1.4 billion shortfall tallied in April. Exports expanded 0.6% in annual terms in May, which contrasted the 1.9% drop recorded in April. Imports followed suit and rebounded to an 8.3% increase in May (April: -0.3% year-on-year).

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.0% of GDP in 2014, which is down 0.2 percentage points over the previous month’s estimate. In 2015, the panel sees the current account surplus rising further to 1.3% of GDP.

Author: Ricard Torné, Lead Economist

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Spain Current Account Chart

Spain Current Account May 2014

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain.

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