Spain: Exports continue to expand at a double-digit pace
July 20, 2011
In May, exports rose 13.0% over the same month last year to reach EUR 18.3 billion. The increase was below the robust 18.6% rise observed in April, but reflected strong growth in automobiles and capital goods. At the current juncture, exports are of vital importance to the Spanish economy, as they remain the main driver of economic growth. Meanwhile, domestic demand struggles to recover amid fiscal consolidation and rampant unemployment. Meanwhile, imports expanded 6.7% in May, slower than the 8.5% increase registered in April. The trade deficit narrowed from EUR 4.0 billion in April to EUR 3.4 billion in May.