Spain’s current account deficit widened to EUR 2.77 billion in February of 2019 from EUR 1.77 billion in the corresponding month of the previous year and compared to market expectations of a EUR 1.13 billion shortfall. It was the largest current account gap since February of 2012, as the goods and services surplus narrowed to EUR 0.38 billion from EUR 0.57 million a year earlier despite a rise in tourism revenues (EUR 3.35 billion from EUR 3.22 billion). Additionally, the primary and secondary income gap increased sharply to EUR 3.15 billion from EUR 2.35 billion in February of 2018. Current Account in Spain averaged -1123.42 EUR Million from 1969 until 2019, 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 1500.00 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 980.00 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.