The current account surplus rises to 30.8 billion until July due to tourism income

September 30 () –

The current account balance, which measures income and payments abroad for the exchange of goods, services, income and transfers, registered a surplus of 30.8 billion euros in the first seven months of the year, 35% more than the 22.8 billion of the same period in 2023, thanks to the increase in goods and services, according to data published this Monday by the Bank of Spain.

The evolution of the current account balance between January and July is explained by the improvement in the balance of goods and services, and within it, by income derived from tourism and travel.

Specifically, the balance of goods and services registered a surplus of 44.6 billion until July, compared to the positive balance of 35.4 billion a year earlier. Within goods and services, the tourism and travel surplus rose from 33.8 billion in the first seven months of 2023, to 40.6 billion in the same period of this year, 20.1% more.

For its part, the balance of primary income (income from work, investment, taxes on production and imports and subsidies) and secondary (personal transfers, current taxes, contributions and social benefits, etc.) registered a deficit of 13.7 billion of euros until July of this year, above the negative balance of 12.6 billion registered in the same period of 2023.

The capital account balance, for its part, reduced its surplus in the first seven months of the year to 6.3 billion euros, below the 6.5 billion euros of the previous year, 3% less.

IMPROVE THE FINANCING CAPACITY OF THE SPANISH ECONOMY

Thus, the aggregate balance of the current and capital accounts, which determines the financing capacity or need of the Spanish economy, reached a surplus of 37.1 billion euros between January and July, compared to 29.2 billion in the same period of 2023.

The data corresponding only to the month of July show a current account surplus of 5.8 billion euros, above the 3.2 billion registered during the same month of 2023.

The financing capacity of the Spanish economy reached 7.1 billion euros in the month of July, compared to 4.6 billion euros in the same month last year.

In accumulated twelve-month terms, the financing capacity of the Spanish economy stood at 63.9 billion euros, above the 42.7 billion euros accumulated until July 2023.