The current account surplus is reduced by 11% in the second quarter

The current account balance recorded a surplus of 5.5 billion euros in the second quarter of the year, 11.2% less than in the same period of the previous year. The balance of this balance, which measures income and payments abroad by exchange of goods, services, income and transfers, can be explained by the greater deficits in the balance of goods and secondary income, which have not been compensated by the surplus of the services.


Specifically, the balance of goods deficit widened to $ 4.4 billion in the second quarter, compared to a deficit of $ 2.7 billion in the same period in 2016. In services, the surplus in revenues and payments was 15.2 billion euros, up from 13.2 billion euros in the second quarter of last year.

Within the services, the tourism and travel item reached a surplus of 11,000 million euros, much higher than a year earlier (9.9 billion). Non-tourism services - such as transport, financial services, insurance, IT and other business services - also saw an increase in its surplus of € 4.2 billion compared to 3.3 billion euros in the second quarter of 2016.

The primary income balance (labor income, investment, taxes on production and imports and subsidies) registered a deficit of 2,600 million euros, the same amount as a year earlier. The balance of secondary incomes (personal transfers, current taxes, contributions and social benefits, etc.) also had a deficit of 2.6 billion, in this case above 1.7 billion in the second quarter of 2016.

Finally, the balance of the capital account showed a surplus of 300 million euros between April and June, compared to a positive figure of 700 million euros in the second quarter of the previous year.

As a result, the Spanish economy's financing capacity, measured by the combined current and capital account balance, reached 5.8 billion euros in the second quarter of this year, a surplus lower than the one recorded a year earlier (6.8 billion ). In cumulative terms of four quarters, the financing capacity amounts to 23,100 million, which is 2% of GDP, a figure that is somewhat lower than the total for 2016 (2.2% of GDP).

International Investment

Spain's international investment position registered a negative figure of 777 million euros in the second quarter, which means an increase in the net debit position compared to the previous quarter, which stood at -744 million euros.

Finally, Spain's gross external debt stood at 1,925 billion euros in the second quarter of this year, which represents 170% of GDP, surpassing the 1,911 billion that it showed in the previous three months, according to data from the Banco de España. Spain.