Key issues

Spanish exports: the increasing challenge of dominating overseas markets

A ghost from the past? The deterioration of Spain’s current account balance

• Between 2016 and Q1 2019 the current account surplus has decreased from 2.3% to 0.7% of GDP. • After classifying the components of the current account balance as non-core and core, our analysis shows that a significant portion of the deterioration is attributable to core factors (relating to non-energy goods and non-tourism services). • We cannot escape from the fact that these trends have occurred in a less favourable global context, especially due to the spike in global uncertainty and the slowdown in the growth of the euro area...