Spain’s current account deficit plunges in June

31st August 2009, Comments 0 comments

Spain’s current account deficit fell from EUR 7.9 billion to EUR 3.3 billion.

Madrid – Spain's current account deficit fell nearly 60 percent in June from the same month last year as imports fell in the midst of a deep recession, the country's central bank said Monday.

It reached EUR 3.3 billion that month, down from EUR 7.9 billion in June 2008, it said in a statement.

During the first six months of the year the payments balance showed a cumulative deficit of EUR 34.1 billion, down from EUR 58.6 billion during the same period last year.

Spain's current account deficit had ballooned in recent years to become the world's second-largest in absolute terms, outstripped only by that of the United States.

But it has been shrinking since the Spanish economy, the fifth-largest in Europe, entered recession in the second half of 2008.

AFP / Expatica

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