Preliminary estimate of the Balance of Payments (September 2024)
28 November 2024
The preliminary estimate of the Balance of Payments for September 2024 shows a surplus of €2.3 billion, €1.3 billion less than the same month of the previous year. This decrease was mainly due to the widening of the trade deficit in goods, which reached €2.7 billion, €2.1 billion more than in September 2023. The surplus in the service account increased by €0.5 billion year-on-year.
Current account balance
The current account surplus decreased by 35.7% year-on-year in September 2024, standing at €2.3 billion. This decrease was driven by the widening trade deficit in goods, which more than offset the increase in the surplus in the services account.
Goods account balance
In September 2024, the trade deficit in goods widened by €2.1 billion year-on-year, reaching €2.7 billion. This was mainly due to a €1.8 billion increase in imports, while exports remained stable. The main contribution to the increase in imports came from purchases of energy products, in particular natural gas and crude oil.
Services account balance
The surplus in the services account increased by €0.5 billion year-on-year in September 2024, driven by a significant increase in revenues from tourism. This increase was partly offset by a decrease in revenues from transport services.
Income account balance
The income account deficit widened by €0.2 billion year-on-year in September 2024, mainly due to a decrease in revenues from investments abroad.
Current transfers account balance
The current transfers deficit increased by €0.1 billion year-on-year in September 2024. This increase was mainly due to an increase in remittances sent abroad.
Capital and financial account balance
The capital and financial account surplus reached €4.2 billion in September 2024, €0.8 billion less than in the same month of the previous year. This decrease was mainly due to a decrease in net direct investment inflows, which were partially offset by an increase in net portfolio investment inflows.
International reserves
Spain’s international reserves stood at €122.9 billion at the end of September 2024, €1.3 billion higher than at the end of the previous month.
Assessment
The preliminary estimate of the Balance of Payments for September 2024 shows a surplus of €2.3 billion, €1.3 billion less than the same month of the previous year. This decrease was mainly due to the widening of the trade deficit in goods. The current account surplus decreased by 35.7% year-on-year.
Preliminary estimate of the Balance of Payments (September 2024)
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