Spain’s current account surplus narrowed to EUR 1.77 billion in November 2018 from EUR 3.48 billion in the same month of the previous year. The goods and services surplus declined to EUR 1.83 billion from EUR 2.72 billion a year earlier, despite an increase in tourism revenues (EUR 3.93 billion from EUR 3.76 billion). Additionally, the primary and secondary income account shifted to EUR 0.06 deficit from EUR 0.76 billion surplus in November 2017. Considering the first eleven months of the year, the current account surplus decreased sharply to EUR 5.48 billion from EUR 16.45 billion. Current Account in Spain averaged -1131.60 EUR Million from 1969 until 2018, reaching an all time high of 5059 EUR Million in December of 2017 and a record low of -12368 EUR Million in January of 2008.
Current Account in Spain is expected to be 1100.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Spain to stand at 2920.00 in 12 months time. In the long-term, the Spain Current Account is projected to trend around 1940.00 EUR Million in 2020, according to our econometric models.