Spain: Current account logs the largest deficit in over three years in April
Spain’s current account balance recorded a deficit in April, the largest since February 2015. The deficit, at EUR 1.5 billion, marked a sharp contrast with the EUR 1.1 billion surplus recorded in April 2017 as well as with the EUR 287 million surplus observed in March. In the 12 months up to April 2018, the current account balance reached a surplus of EUR 18.5 billion, the smallest since August 2016 and notably below the EUR 21.1 billion surplus recorded in the 12 months up to March.
According to the Bank of Spain, April’s current account deficit compared to the surplus a year ago reflected the smaller trade surplus recorded this month—mainly the result of much higher imports—of EUR 900 million, considerably below the EUR 3.1 billion logged in April 2017.