Spain Current Account

Spain

Spain: Current account swings to surplus in June; overall trend deteriorates further

August 29, 2014

Spain’s current account balance incurred a surplus of EUR 517 million in June, which marked an improvement over the EUR 584 million deficit recorded in May, but came in well below the EUR 2.1 billion surplus tallied in the same month last year. In the 12 months up to June, the current account balance recorded a deficit of EUR 1.0 billion, which contrasted the EUR 0.6 billion surplus observed in the previous month and marked a 14-month low.

The trade balance recorded a EUR 1.4 billion deficit in June, which represented a deterioration over the EUR 1.1 billion shortfall tallied in May. Exports expanded 0.9% in annual terms in June, which followed the 0.6% increase recorded in May. Imports expanded a strong 7.1% in June, which was, nevertheless, below the 8.3% increase observed in the previous month.

FocusEconomics Consensus Forecast panelists expect the current account balance to record a surplus of 1.0% of GDP in 2014, which is unchanged over the previous month’s estimate. In 2015, the panel sees the current account surplus rising further to 1.3% of GDP.


Author: Ricard Torné, Head of Economic Research

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Spain Current Account Chart


Spain Current Account June 2014

Note: Monthly current account balance and 12-month sum in EUR billion.
Source: Bank of Spain.


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