Spain: Current account swings to deficit in December
The current account posted a EUR 1.3 billion deficit in December, deteriorating from a EUR 1.0 billion surplus in November (December 2020: EUR 0.9 billion surplus). Meanwhile, the 12-month trailing current account surplus narrowed, coming in at EUR 8.4 billion in December (November: EUR 10.7 billion surplus).
According to the Bank of Spain, December’s result was driven by the trade balance swinging to deficit more than offsetting a wider surplus in primary and secondary incomes compared to the same period of 2020.