Spain: Current account surplus steady in November 2020
Spain’s current account balance recorded a surplus of EUR 3.3 billion in November 2020, matching the result recorded in November 2019 and coming in significantly above October’s EUR 1.3 billion surplus. In the 12 months up to November 2020, the current account balance reached a surplus of EUR 9.5 billion, matching the surplus in the 12 months up to October.
According to the Bank of Spain, November’s figure reflected higher primary and secondary rents offsetting a lower trade surplus compared to 2019. Notably, tourism and travel revenues collapsed by roughly 90% year-on-year.