Spain: Current account surplus diminishes again in August
Spain’s current account balance recorded a surplus of EUR 1.4 billion in August, considerably below the EUR 3.8 billion surplus recorded in August 2019 but holding stable from July’s EUR 1.4 billion surplus. In the 12 months up to August 2020, the current account balance reached a surplus of EUR 12.9 billion, significantly below the EUR 15.3 billion surplus in the 12 months up to July.
According to the Bank of Spain, the much smaller current account surplus from a year ago reflected the trade surplus shrinking markedly to EUR 1.9 billion in August, partly due to lower exports as the vital tourism sector continued to reel from the Covid-19 fallout, from EUR 4.7 billion in August 2019.