Spain: Current account surplus narrows in March
May 31, 2019
Spain’s current account balance recorded a tiny surplus of EUR 26 million in March, smaller than the EUR 389 million surplus recorded in March 2018 but much greater than the EUR 2.8 billion deficit logged in February. In the 12 months up to March 2019, the current account balance reached a surplus of EUR 9.0 billion, the smallest since October 2014 and below the EUR 9.4 billion recorded in the 12 months up to February.
According to the Bank of Spain, the lower current account surplus compared to the previous year reflected the smaller trade surplus recorded in March 2019 of EUR 1.2 billion—mainly the result of imports growing more than exports—below the EUR 1.8 billion logged in March 2018.
Author: Javier Colato, Economist