Balance of payments gap widens

13th August 2004, Comments 0 comments

13 August 2004, MADRID - Spain's balance of payments gap widened by more than 63 percent to EUR 11,824 million in the first five months of 2004, the Bank of Spain said on Friday.

13 August 2004

MADRID - Spain's balance of payments gap widened by more than 63 percent to EUR 11,824 million in the first five months of 2004, the Bank of Spain said on Friday.

Imports rose nearly 8 percent to EUR 78,788 million, while exports grew little more than 2.4 percent to EUR 61.162 million.

Benefits from service sectors made up some of the difference, although they too showed a 7.7 percent fall over the same period of the previous year, to EUR 8,327 million.

All the benefits in the service sector came from travel and tourism, although these industries also showed a 2.9 percent drop to EUR 9.973 million.

Meanwhile, the National Statistics Institute (INE) said on Friday that the three autonomous regions of Madrid, Andalucía and Catalonia together accounted for more than 53 percent of the 11,786 new companies created in Spain in June.

[Copyright EFE with Expatica]

Subject: Spanish news

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