Spain: Current account swings to deficit in January
The current account posted a EUR 2.6 billion deficit in January, deteriorating from a balanced current account in December (January 2021: EUR 0.9 billion deficit). Meanwhile, the 12-month trailing current account surplus narrowed, coming in at EUR 9.6 billion in January (December: EUR 11.3 billion surplus).
According to the Bank of Spain, January’s result was driven by a wider trade balance more than offsetting a somewhat narrower deficit in primary and secondary incomes compared to the same period of 2021.