Spain: Current account surplus falls markedly in September
November 30, 2020
Spain’s current account balance recorded a surplus of EUR 304 million in September, significantly below both the EUR 1.2 billion surplus recorded in September 2019 and August’s EUR 1.4 billion surplus. In the 12 months up to September 2020, the current account balance reached a surplus of EUR 12.1 billion, notably below the EUR 12.9 billion surplus in the 12 months up to August.
According to the Bank of Spain, the much smaller current account surplus from a year ago reflected the trade surplus halving to EUR 1.0 billion in September, partly due to lower exports as the crucial travel and tourism industry continued to languish from the Covid-19 fallout, from EUR 2.0 billion in September 2019.