External sector

The foreign sector or Il Gattopardo, a major change that changes little

• The Bank of Spain has substantially revised the statistical series of the external accounts. With the new series, in Q1 2019, the current account balance has improved from 0.6% to 1.6% of GDP, but the net international investment position has deteriorated from –77.6% to –80.0% of GDP. • Nevertheless, the trends of recent years (reduction in the current account surplus and improvement in the NIIP) have not changed, and the improvement in the NIIP is now slower. In September, the Bank of Spain (BoS) conducted an in-depth review of...