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.
Spain’s 2017 budget is “broadly” in line with EU deficit rules, but the government should be ready to take precautionary curative measures, according to the European Commission. The EU budget deficit limit is set at 3% of gross domestic product (GDP), something which Spain has consistently exceeded since the 2008 financial crash.
The 100 most wealthiest people in Spain have a combined fortune amounting to almost 20% of the country’s GDP, new figures show. Placed in first position on the 100 rich list is the founder of Zara, Amancio Ortega, who alone is worth €71 billion. The textile businessman’s fashion house Inditex is also home to brands Massimo Dutti and Pull & Bear.