Spain: Export growth picks up a notch in February
April 27, 2012
In February, exports rose 4.9% over the same month last year to EUR 18.0 billion. The figure was up from the 3.9% increase observed in January. Meanwhile, imports expanded 6.6% in annual terms to EUR 21.7 billion, which contrasted the 3.1% contraction recorded in January. As a result, the trade deficit widened slightly from EUR 3.7 billion in January to EUR 3.8 billion in February. Export growth is pivotal for supporting the economic recovery in Spain, as domestic demand remains depressed amid a severe fiscal consolidation process and rampant unemployment, which has recently hit its highest level in nearly two decades.