Spain’s current account balance recorded a deficit of €0.2 billion in February, the best February result seen in decades.
The figure was significantly better than in February 2016 when the deficit stood at €1.1 billion. In the 12 monthly run up to February, the current account balance reached an excess of €23.5 billion, a new record over the surplus €22.6 billion reached in January.
The surplus amount recorded in February was largely made up with tourism-related services, according to the Bank of Spain.
Spain welcomed over 18 million visitors last year and with an 11.9% increase in tourist numbers in February, all the signs are pointing to another record breaking year.
Spain’s current account balance will record a surplus of 1.3% of GDP in 2017 and excess 1.2% in 2018, FocusEconomics Consensus Forecast predicts.
Tags: Spain's GDP, Spanish economy