Spain: Current account surplus climbs to two-year high in December
February 28, 2017
Spain’s current account balance recorded a two-year high surplus of EUR 3.4 billion in December, which was above both the EUR 3.0 billion surplus observed in the same month of 2015 and the EUR 3.3 billion surplus logged in November 2016. In the 12 months up to December, the current account balance reached a record high surplus of EUR 22.3 billion, which was well above November’s EUR 21.9 billion surplus.
According to the Bank of Spain, the increase in the current account balance was mainly driven by a healthy surplus in goods and services. Tourism continued to make up for the bulk of the surplus in goods and services and its share increased in December 2016 compared to the same month of 2015. This confirms the strong momentum in both the country’s buoyant tourism industry and Spanish exporting sector, which is benefiting from the weak euro.
Author: David Ampudia, Economist