Spain reports widening in current account deficit

31st August 2010, Comments 0 comments

The deficit in the Spanish current account widened 3.0 percent in June from the amount 12 months earlier, largely in response to a shortfall in the trade component, the Bank of Spain announced on Tuesday.

It said the deficit came to 3.585 billion euros (4.5 billion dollars) in June against 3.477 billion in the same month last year.

The current account is a broad measure of a country's commercial relations with the rest of the world, covering trade in goods and services and all current financial payments in and out of the economy.

The bank attributed the widening in June to the goods sector and to a lesser extent to a decline in the surplus in services.

The current account deficit narrowed to 29.579 billion euros in the first six months of the year from 34.075 billion in the same period of 2009.

© 2010 AFP

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