Spain: Current account improves in March
The current account posted a EUR 3.3 billion surplus in March, improving from the EUR 1.9 billion surplus posted in February (March 2023: EUR 5.9 billion surplus). Meanwhile, in the 12 months leading up to March, the current account recorded a EUR 37.9 billion surplus, below the EUR 40.5 billion surplus booked in February.
Meanwhile, merchandise exports dived 19.2% year on year in March (February: -3.0% year on year). March’s figure marked the worst fall since May 2020. Lastly, merchandise imports plummeted 14.4% over the same month last year in March (February: -3.1% yoy).