Spain: Current account surplus declines markedly in June
August 31, 2020
Spain’s current account balance recorded a surplus of EUR 2.0 billion in June, markedly below the EUR 3.8 billion surplus recorded in June 2019 but above the EUR 0.8 billion surplus logged in May. In the 12 months up to June 2020, the current account balance reached a surplus of EUR 16.3 billion, below the EUR 18.1 billion surplus in the 12 months up to May.
According to the Bank of Spain, the much smaller current account surplus from a year ago reflected the trade surplus shrinking markedly to EUR 2.5 billion in June, mainly as a result of the vital tourism industry remaining in the doldrums amid coronavirus-related travel restrictions, from the EUR 4.9 billion surplus logged in June 2019.
Author: Javier Colato, Economist