Spain: Current account surplus shrinks mildly from the previous year in November
The current account surplus widened to a one year high of EUR 3.0 billion in November, up from the EUR 1.7 billion surplus recorded in October. The print, however, was slightly below the EUR 3.3 billion surplus recorded in November of the previous year. In the 12 months up to November, the current account balance reached a surplus of EUR 20.1 billion, below October’s 12-month EUR 20.1 billion surplus and the softest print in 13 months.
According to the Bank of Spain, the smaller current account surplus compared with a year ago reflected a much weaker trade balance surplus as a result of higher energy prices and a stronger euro. The surplus also narrowed in spite of stronger tourism-related revenues, while primary and secondary income logged a slightly wider surplus compared with a year ago.