Spain: Current account surplus shrinks in August
October 31, 2018
Spain’s current account balance recorded a surplus of EUR 1.8 billion in August, a moderate decline from the EUR 2.6 billion surplus recorded in August 2017 but well above the marginal EUR 107 million surplus logged in July. In the 12 months up to August 2018, the current account balance reached a surplus of EUR 14.3 billion, the smallest since February 2016 and below the EUR 15.0 billion recorded in the 12 months up to July.
According to the Bank of Spain, the lower current account surplus compared to a year ago reflected the smaller trade surplus recorded in August 2018—mainly the result of higher imports—of EUR 3.4 billion, below the EUR 4.0 billion logged in August 2017.
Author: Javier Colato, Economist