The current account deficit reaches 1,300 million until May, compared to last year's surplus

MADRID, 29 Jul. (EUROPA PRESS) -

The current account balance, which measures income and payments abroad for the exchange of goods, services, income and transfers, registered a deficit of 1,300 million euros between January and May of this year, compared to a 1,600 million surplus in the same period. period of 2021, according to data published this Friday by the Bank of Spain.

This worse evolution of the current account balance in this period is explained by the increase in the deficit of primary and secondary income and by the fall in the surplus of goods and services, despite the notable improvement in tourism and travel.

Specifically, the balance of primary income (income from work, investment, production and import taxes and subsidies) and secondary income (personal transfers, current taxes, contributions and social benefits, etc.) registered a deficit of 5,200 million euros, above the 4,200 million mismatch between January and May 2021.

On its side, the balance of goods and services presented a surplus of 3,900 million euros until May, compared to 5,800 million in the same period of 2021. Within this, the tourism and travel surplus shot up to 17,400 million, in contrast with the 1,400 million a year earlier.

The balance of the capital account, for its part, increased its surplus in the first five months of the year, to 3,100 million, compared to 2,000 million euros the previous year.

Thus, the aggregate balance of the current and capital accounts, which determines the financing capacity or need of the Spanish economy, registered a surplus of 1,800 million euros between January and May, half of what was registered in the same period of 2021 .

The data corresponding only to the month of May register a rise in the current account surplus, which stood at 2,900 million euros, compared to 1,000 million euros in the same month of 2021.

On the other hand, in the first five months of 2022, Spain registered capital inflows worth 700 million, compared to 15,200 a year earlier.

In the month of May this year, capital outflows amounting to 21,600 million were recorded, in contrast to inflows of 2,800 million euros in the same month last year.

The outflow or inflow of capital is a balance that results from taking into account what Spanish residents invest outside the country and what foreigners spend in Spain in the same period.