Spain: Current account surplus shrinks in June
August 31, 2017
The current account balance recorded a surplus of EUR 1.4 billion in June, which was markedly below the EUR 2.6 billion surplus in May, and below the EUR 1.6 billion surplus recorded in June of last year. In the 12 months up to June, the current account balance reached a surplus of EUR 19.3 billion, a notch below May’s EUR 19.5 billion surplus.
According to the Bank of Spain, the slightly weaker print was the result of a large surplus in goods and services—driven in turn by soaring tourism revenues—which was, however, partially offset by a sizeable deficit in the net primary and secondary incomes.
Author: David Ampudia, Economist