Spain: Current account surplus leaps to five-month high in May
July 31, 2017
The current account balance recorded a surplus of EUR 2.6 billion in May, which was well above the EUR 0.4 billion surplus recorded in April and the EUR 2.2 billion surplus recorded in May of last year. In the 12 months up to May, the current account balance reached a surplus of EUR 19.5 billion, a notch above April’s EUR 19.1 billion surplus.
According to the Bank of Spain, the robust print was the result of a large surplus in goods and services—driven in turn by soaring tourism revenues—which more than offset a sizeable deficit in the net primary and secondary incomes.
Author: David Ampudia, Economist