Spain: Current account surplus shrinks in June
August 31, 2018
Spain’s current account balance recorded again a surplus in June, after having logged the largest year-to-date surplus in May. However, the surplus, at EUR 487 million, marked a substantial decline from the surpluses of EUR 2.1 billion recorded in June 2017 and of EUR 2.4 billion observed in the May. In the 12 months up to June 2018, the current account balance reached a surplus of EUR 16.2 billion, the smallest since May 2016 and below the EUR 17.8 billion recorded in the 12 months up to May.
According to the Bank of Spain, the lower current account surplus compared to a year ago reflected the smaller trade surplus recorded in June 2018—mainly the result of higher imports—of EUR 2.8 billion, well below the EUR 4.5 billion logged in June 2017.
Author: Javier Colato, Economist