2008.12.3006:27:00UTC+00Spanish Current Account Deficit Narrows In October

The Spanish current account deficit decreased to EUR 7.86 billion in October from EUR 9.02 billion reported during the same period of previous year, the Bank of Spain announced Tuesday.

The central bank said the trade deficit narrowed to EUR 5.86 billion as imports declined in October. Further, the central bank noted that the surplus in services grew to EUR 2.58 billion from EUR 2.31 billion in the prior year.

The negative balance in income account stood at EUR 3.53 billion compared to EUR 1.76 billion deficit in the same month of last year. At the same time, the current transfers showed a negative balance of EUR 1.04 billion versus EUR 1.12 billion deficit registered during October 2007.

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