Import rise plunges Spain further into the red
16 May 2005, MADRID — Spain's deficit rose by 168.11 percent in the first two months of 2005, compared with the same period last year.
16 May 2005
MADRID — Spain's deficit rose by 168.11 percent in the first two months of 2005, compared with the same period last year.
The Bank of Spain said balance of payments – or the difference between the value of imports and exports – went EUR 7.3 billion into the red in January and February.
Analysts said that the rise in what Spain owed was principally due to a downturn in Spanish commerce.
They added that another factor was the difference in the balance of payments, with the country importing more than it exports.
Spain's debts stood at EUR 9bn up to February 2005 – or 49 percent more than the year before.
This was because exports were worth EUR 23bn — or 2.87 percent more — while imports totalled EUR 32bn, a rise of 12.82 percent.
[Copyright EFE with Expatica]
Subject: Spanish news