Spain Current Account December 2020


Spain: Current account surplus narrows considerably at the end of 2020

February 26, 2021

Spain’s current account balance recorded a surplus of EUR 729 million in December 2020, significantly below both the EUR 2.2 billion surplus logged in December 2019 and November 2020’s EUR 3.3 billion surplus. In the 12 months up to December 2020, the current account balance reached a surplus of EUR 8.0 billion, below the EUR 9.5 billion surplus recorded in the 12 months up to November and the lowest in nearly eight years.

According to the Bank of Spain, December’s result was driven by a lower trade surplus and a swing to a deficit in primary and secondary rents compared to 2019.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.2% of GDP in 2021 and 1.4% of GDP in 2022.


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Spain Current Account Chart

Spain Current Account December 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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