Spain Current Account March 2019


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.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 0.9% of GDP in 2019, which is unchanged from last month’s forecast, and 0.8% of GDP in 2020.

Author:, Economist

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Spain Current Account Chart

Spain Current Account March 2019

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

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