Spain: Exports expand at slowest pace in over two years
May 31, 2012
In March, exports rose 1.2% over the same month last year to EUR 19.9 billion. The figure was down from the 4.9% increase observed in February and marked, in fact, the slowest pace recorded since November 2009. Meanwhile, imports contracted 4.6% in annual terms to EUR 23.1 billion, which contrasted the 6.6% expansion recorded in February. As a result, the trade deficit narrowed from EUR 3.8 billion in February to EUR 3.3 billion in March. Export growth is pivotal for supporting an economic recovery in Spain, as domestic demand remains depressed amid a severe fiscal consolidation process and rampant unemployment, which has recently hit the highest level in nearly two decades.