Spain: Exports ease in June
August 30, 2011
In June, exports rose 10.8% over the same month last year to EUR 18.0 billion. The increase was below the 13.0% rise observed in May and corroborates the slowdown suggested by quarterly GDP reading. Exports are of vital importance to the Spanish economy, as they remained the main driver of economic growth in the second quarter. Meanwhile, domestic demand struggles to recover amid fiscal consolidation and rampant unemployment. Imports expanded 4.6% in June, slower than the 6.7% increase registered in May. The trade deficit widened from EUR 3.4 billion in May to EUR 3.9 billion in June.