Preliminary estimate of the Balance of Payments (October 2024)
Current account: surplus of 3.5% of GDP
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The current account surplus stood at €39.5 billion in October 2024, equivalent to 3.5% of GDP. This represented an increase of €4.4 billion over the same month in 2023.
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The surplus was driven by a 10.6% increase in exports of goods and services, which outpaced the 8.5% increase in imports.
Trade balance: surplus of 1.9% of GDP
- The trade balance surplus widened to €21.9 billion in October 2024, equivalent to 1.9% of GDP. This was due to a 12.2% increase in exports of goods, which outpaced the 10.3% increase in imports of goods.
Services balance: surplus of 1.6% of GDP
- The services balance surplus narrowed to €18.3 billion in October 2024, equivalent to 1.6% of GDP. This was due to a 9.5% increase in imports of services, which outpaced the 8.6% increase in exports of services.
Income balance: deficit of 1.0% of GDP
- The income balance deficit narrowed to €11.3 billion in October 2024, equivalent to 1.0% of GDP. This was due to a 6.3% increase in receipts of investment income, which outpaced the 5.8% increase in payments of investment income.
Current transfers: net deficit of 0.3% of GDP
- The current transfers net deficit narrowed to €3.4 billion in October 2024, equivalent to 0.3% of GDP. This was due to a 4.5% increase in receipts of current transfers, which outpaced the 3.9% increase in payments of current transfers.
Capital and financial account: net inflow of 2.2% of GDP
- The capital and financial account recorded a net inflow of €25.2 billion in October 2024, equivalent to 2.2% of GDP. This was mainly due to a €27.9 billion increase in other investment, which was partially offset by a €2.7 billion decrease in direct investment.
Official reserves: increase of €1.4 billion
- The Bank of Spain’s official reserve assets increased by €1.4 billion in October 2024, to €1,414.1 billion. This was due to a decrease in foreign exchange reserves, which was partially offset by an increase in gold reserves.
Assessment
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The data for October 2024 show that the Spanish economy continues to perform well, with a healthy current account surplus and a positive net capital inflow.
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The current account surplus is expected to remain strong in the coming months, supported by strong exports and a relatively modest increase in imports.
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The capital and financial account is also expected to remain positive, although the net inflow may be more volatile due to changes in global financial conditions.
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Overall, the Balance of Payments data for October 2024 are positive and suggest that the Spanish economy is in a strong position to withstand potential challenges in the global economy.
Preliminary estimate of the Balance of Payments (October 2024)
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