Spain Current Account

Spain

Spain: Current account surplus narrows further in July

October 15, 2014

Spain’s current account balance incurred a surplus of EUR 1.4 million in July, which came in well below the EUR 2.2 billion surplus tallied in the same month last year but marked an improvement over the EUR 1.2 billion deficit recorded in the previous month. In the 12 months up to July, the current account balance recorded a surplus of EUR 3.5 billion, which was below the EUR 4.4 billion surplus observed in the previous month and marked a 17-month low.

According to the Bank of Spain (BdE), the narrowing of the current account surplus mostly reflected lower goods and services surplus due to a faster increase in imports. Moreover, the travel surplus decreased slightly in July.

The BdE announced that series have been revised and upgraded in the July release according to the IMF Balance of Payments Manual Sixth Edition.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.0% of GDP in 2014. In 2015, the panel sees the current account surplus rising further to 1.3% of GDP.


Author: Ricard Torné, Lead Economist

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Spain Current Account Chart


Spain Current Account July 2014

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain.


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