Spain: Current account surplus narrows in February
The current account posted a EUR 2.3 billion surplus in February, deteriorating from the EUR 3.3 billion surplus posted in January (February 2022: EUR 0.8 billion deficit). Meanwhile, the 12-month trailing current account surplus improved, coming in at EUR 17.2 billion in February (January: EUR 14.1 billion surplus).
According to the Bank of Spain, February’s result was mainly driven by a wider trade surplus more than offsetting a larger deficit in primary and secondary income accounts compared to the same period of 2022.