Spain: Current account surplus narrows from the previous year in December
February 28, 2018
The current account surplus came in at EUR 2.6 billion in December, slightly below the EUR 3.0 billion surplus recorded in November and the EUR 3.0 billion surplus logged in December of the previous year. In the 12 months up to December 2017, the current account balance reached a surplus of EUR 19.8 billion, below November’s 12-month EUR 20.1 billion surplus and the softest print in 14 months.
According to the Bank of Spain, the softer current account surplus compared with a year ago reflected weaker primary and secondary income, which more than offset a slightly wider trade surplus compared with a year ago.
Spain Current Account Balance Forecast
FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.7% of GDP in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees the current account surplus at 1.4% of GDP.
Author: David Ampudia, Economist