Spain Current Account July 2020

Spain

Spain: Current account surplus shrinks again in July

September 30, 2020

Spain’s current account balance recorded a surplus of EUR 1.4 billion in July, significantly below the EUR 3.7 billion surplus recorded in July 2019 and the EUR 2.0 billion surplus logged in June. In the 12 months up to July 2020, the current account balance reached a surplus of EUR 15.3 billion, considerably below the EUR 17.6 billion surplus in the 12 months up to June.

According to the Bank of Spain, the much smaller current account surplus from a year ago reflected the trade surplus shrinking markedly to EUR 3.6 billion in July, in part due to the all-important tourism industry still reeling from the Covid-19 impact, from the EUR 5.8 billion surplus logged in July 2019.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 0.9% of GDP in 2020 and 1.5% of GDP in 2021.


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Spain Current Account Chart


Spain Current Account July 20 20

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain (BdE) and FocusEconomics calculations.


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