Spain Current Account


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.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.6% of GDP in 2014, which is down 0.4 percentage points over the previous month’s estimate. In 2015, the panel sees the current account surplus rising further to 1.4% of GDP.

Author: Ricard Torné, Lead Economist

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Spain Current Account Chart

Spain Current Account April 2014

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

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