Spain: Current account swings back into surplus in March
May 31, 2017
Spain’s current account balance recorded a surplus in March after having logged the first deficit in a year in February. The surplus, at EUR 1.3 billion, contrasted the EUR 0.2 billion deficit observed in February and was a moderate improvement from the EUR 1.0 billion surplus recorded in March of last year. In the 12 months up to March, the current account balance reached a surplus of EUR 23.8 billion, a fresh record high and above February’s EUR 23.5 billion surplus.
According to the Bank of Spain, the improvement seen in the current account balance compared to the same month of last year was largely driven by a smaller deficit in net primary and secondary income. The surplus in goods and services edged down slightly in March despite a higher surplus in tourism-related services, which makes up for the bulk of the reading.
Author: David Ampudia, Economist