Spain: Current account surplus shrinks notably in May
July 31, 2020
Spain’s current account balance recorded a surplus of EUR 0.8 billion in May, markedly below the EUR 3.8 billion surplus recorded in May 2019 and contrasting the EUR 1.5 billion deficit logged in April. In the 12 months up to May 2020, the current account balance reached a surplus of EUR 18.1 billion, well below the EUR 21.2 billion surplus in the 12 months up to April.
According to the Bank of Spain, the much smaller surplus from a year ago reflected the trade surplus shrinking markedly to EUR 1.4 billion in May, mainly due to tourism revenues collapsing to zero again amid coronavirus-related travel restrictions, from the EUR 4.5 billion surplus logged in May 2019.
Author: Javier Colato, Economist