Spain: Current account deficit widens in February
Spain’s current account balance recorded a deficit of EUR 1.7 billion in February 2021, swinging from the EUR 1.4 billion surplus logged in February 2020 and below January 2021’s EUR 1.0 billion deficit. The reading represented the largest current account deficit since February 2015. In the 12 months up to February 2021, the current account balance reached a surplus of EUR 4.6 billion, below the EUR 7.7 billion surplus recorded in the 12 months up to January, marking the lowest reading in over eight years.
According to the Bank of Spain, February’s result was driven by a higher deficit in primary and secondary rents as well as by a smaller trade surplus compared to 2020—mainly due to plunging tourist income.