Spain: Current account posts second consecutive deficit in February
April 30, 2014
Spain's current account balance incurred a deficit of EUR 2.8 billion in February, which marked an improvement over the EUR 3.6 billion shortfall recorded in January but exceeded the EUR 2.0 billion deficit tallied in the same month last year. In the 12 months up to February, the current account balance recorded a surplus of EUR 6.9 billion, which was below the EUR 7.6 billion surplus observed in the previous month.
The trade balance recorded a EUR 1.0 billion deficit in February. February's print represented an improvement over the EUR 2.1 billion shortfall tallied in January, but slightly exceeded the EUR 0.6 billion deficit recorded in the same month last year. Exports expanded 6.4% in annual terms in February, which followed the 4.8% increase recorded in January. Meanwhile, imports increased 8.0% in February, which was well above the 0.1% expansion tallied in the previous month.
FocusEconomics Consensus Forecast panelists expect the current account balance to record a 1.6% surplus 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 1.9% of GDP.