Quarterly data on the balance of payments and the international investment position (2024 Q3)
The Bank of Spain has published the quarterly data on the balance of payments and the international investment position of the Spanish economy for the third quarter of 2024.
The current account balance recorded a surplus of €10.1 billion in the third quarter of 2024, down from the surplus of €12.2 billion in the second quarter of the year. This decrease was mainly due to a widening of the trade deficit, which was partly offset by an improvement in the services balance.
The trade deficit widened by €2.1 billion in the third quarter of 2024, to €10.3 billion. This was due to a 5.2% increase in imports and a 3.1% decrease in exports. The increase in imports was mainly driven by higher energy imports, while the decrease in exports was mainly due to lower exports of manufactured goods.
The services balance recorded a surplus of €14.4 billion in the third quarter of 2024, up from the surplus of €13.2 billion in the second quarter of the year. This increase was mainly due to higher tourism revenues.
The income balance recorded a deficit of €5.9 billion in the third quarter of 2024, down from the deficit of €6.3 billion in the second quarter of the year. This was mainly due to a lower deficit on investment income.
The current transfers balance recorded a surplus of €1.9 billion in the third quarter of 2024, up from the surplus of €1.7 billion in the second quarter of the year. This was mainly due to higher remittances from Spanish workers abroad.
The overall balance of payments recorded a surplus of €6.5 billion in the third quarter of 2024, down from the surplus of €8.6 billion in the second quarter of the year. This was mainly due to the widening of the current account deficit.
The international investment position recorded a net liability of €1.2 trillion at the end of the third quarter of 2024, up from the net liability of €1.1 trillion at the end of the second quarter of the year. This was mainly due to an increase in the net liability on foreign direct investment.
The data on the balance of payments and the international investment position provide valuable insights into the external sector of the Spanish economy. These data are used by policymakers, economists, and market participants to assess the performance of the economy and to make informed decisions.
Quarterly data on the balance of payments and the international investment position (2024 Q3)
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