Spain Current Account July 2018


Spain: Current account surplus drops markedly in July

September 28, 2018

Spain’s current account balance recorded a small surplus of EUR 107 million in July, a significant decline from the EUR 2.2 billion surplus recorded in July 2017 and well below the EUR 977 million surplus logged in June. In the 12 months up to July 2018, the current account balance reached a surplus of EUR 15.0 billion, the smallest since March 2016 and below the EUR 17.2 billion recorded in the 12 months up to June.

According to the Bank of Spain, the lower current account surplus compared to a year ago reflected the smaller trade surplus recorded in July 2018—mainly the result of higher imports—of EUR 3.0 billion, well below the EUR 5.2 billion logged in July 2017.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.6% of GDP in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees the current account surplus remaining steady at 1.6% of GDP, up 0.1 percentage points from last month’s projection.

Author:, Economist

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Spain Current Account Chart

Spain Current Account July 2018

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain.

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