Spain Current Account January 2021


Spain: Current account deficit widens in February

March 31, 2021

Spain’s current account balance recorded a deficit of EUR 1.7 billion in February 2021, swinging from the EUR 1.4 billion surplus logged in February 2020 and below January 2021’s EUR 1.0 billion deficit. The reading represented the largest current account deficit since February 2015. In the 12 months up to February 2021, the current account balance reached a surplus of EUR 4.6 billion, below the EUR 7.7 billion surplus recorded in the 12 months up to January, marking the lowest reading in over eight years.

According to the Bank of Spain, February’s result was driven by a higher deficit in primary and secondary rents as well as by a smaller trade surplus compared to 2020—mainly due to plunging tourist income.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.2% of GDP in 2021 and 1.4% of GDP in 2022.


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Spain Current Account Chart

Spain Current Account February 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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