Spain Current Account September 2020

Spain

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.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.2% of GDP in 2021 and 1.6% of GDP in 2022.


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Spain Current Account Chart


Spain Current Account September 20 20

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain (BdE) and FocusEconomics calculations.


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