Spain: Current account deficit narrows in April
May 30, 2014
Spain’s current account balance incurred a deficit of EUR 1.6 billion in April, which marked an improvement over the EUR 1.8 billion shortfall recorded in March, but came in well below the EUR 1.2 billion shortfall tallied in the same month last year. In the 12 months up to April, the current account balance recorded a surplus of EUR 3.5 billion, which was below the EUR 4.0 billion surplus observed in the previous month and marked an 11-month low.
The trade balance recorded a EUR 1.4 billion deficit in April, which represented an improvement over the EUR 2.0 billion shortfall tallied in March. Exports contracted 1.9% in annual terms in April. April’s drop in exports contrasted the 3.7% increase recorded in March and marked the sharpest fall since November 2009. Imports followed suit and dipped 0.3% in April, which contrasted the 17.8% expansion tallied in the previous month.