Spain: Current account swings to surplus in February
Spain’s current account balance recorded a surplus of EUR 1.3 billion in February, contrasting the EUR 1.6 billion deficit recorded in February 2019 and the EUR 1.7 billion deficit logged in January. In the 12 months up to February 2020, the current account balance reached a surplus of EUR 27.6 billion, above the EUR 24.6 billion surplus in the 12 months up to January.
According to the Bank of Spain, the swing to a current account surplus compared to the deficit of a year ago reflected the far smaller deficit in primary and secondary rents recorded in February of EUR 0.5 billion, much lower than the EUR 2.6 billion registered in February 2019.