7.1. SPANISH BALANCE OF PAYMENTS VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD.

CURRENT ACCOUNT

Series depicted in chart.

EUR millions
Current account (a)
Goods

Services

Total
Balance Receipts Payments Balance
(balance)

Income

Receipts

Payments

Of which
Total

1=2+5+
10+13

2=3-4

5=6-8

Travel

Balance Receipts

Of which
Total
8

Travel
9

10=
11-12

11

Capital
Current account
transPay- fers
ments (bal(balance) ance)

12

13

14

Current Financial
account account Errors
plus
and
capital (balance) omisaccount
(b)
sion

15=1+14 16

17=(15+16)

05
06
07

-66 860 -68 603 157 978 226 581 22 240 76 247 38 558 54 008 12 125 -17 103 31 870 48 974 -3 393 8 180 -58 679 60 818 -2 139
-87 715 -83 272 175 883 259 154 22 335 84 732 40 715 62 397 13 266 -20 581 44 382 64 963 -6 198 6 196 -81 519 83 276 -1 757
P-105 893 -89 805 187 194 276 999 22 152 94 151 42 171 71 999 14 360 -31 507 52 913 84 420 -6 733 4 516 -101 378 97 633 3 744

07 J-A
08 J-A

P -68 542 -56 459 123 015 179 474 15 419 61 939 28 370 46 520 9 331 -21 387 34 296 55 682 -6 115 2 079 -66 463 65 335
P -72 957 -60 938 131 011 191 950 17 092 65 328 28 949 48 236 9 380 -21 980 38 219 60 199 -7 132 4 422 -68 535 65 659

07 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

P -8 493
P -7 263
P -10 027
P -7 515
P -8 467
P -9 023
P -10 803
P -9 057

-7 131
-7 548
-7 911
-7 082
-7 615
-8 445
-7 904
-9 382

16 542
16 627
15 796
12 530
15 358
17 248
17 094
14 479

23 673
24 175
23 707
19 612
22 973
25 693
24 999
23 861

2 002
2 380
3 481
3 525
2 809
2 317
972
635

7 493
8 483
10 274
9 679
8 931
8 919
7 177
7 185

3 342
4 114
5 070
5 357
4 578
4 020
2 799
2 404

5 491
6 102
6 793
6 154
6 122
6 602
6 205
6 550

841
1 317
1 381
1 584
1 375
1 350
1 230
1 076

-2 776
-1 930
-4 672
-3 124
-2 540
-1 766
-3 004
-2 810

4 327
6 488
4 276
3 178
3 747
5 005
3 697
6 168

7 103 -588 238 -8 254

8 418 -166 100 -7 163
8 948 -925 258 -9 769
6 302 -834 101 -7 414
6 287 -1 122 148 -8 320
6 771 -1 129 838 -8 185
6 701 -867 289 -10 515
8 978 2 500 1 162 -7 895

08 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug

P -11 901
P -8 799
P -11 415
P -9 051
P -9 200
P -8 277
P -7 383
P -6 932

-8 379
-7 317
-8 731
-7 205
-7 206
-7 884
-7 195
-7 022

15 428
17 208
16 432
18 577
17 175
15 972
17 721
12 498

23 808
24 526
25 162
25 782
24 382
23 856
24 915
19 519

1 255
997
1 109
1 188
2 325
2 836
3 631
3 750

7 393
6 868
6 825
7 201
7 766
9 099
10 453
9 724

2 771
2 452
2 975
2 621
3 516
4 114
5 126
5 375

6 138
5 871
5 715
6 014
5 441
6 262
6 821
5 975

1 140
1 202
1 062
1 005
801
1 248
1 381
1 539

-3 528
-837
-2 432
-2 126
-3 639
-3 049
-3 425
-2 943

4 745
5 144
4 651
4 411
5 429
4 549
6 280
3 011

8 273 -1 249 1 234 -10 667 10 145

522
5 981 -1 642 621 -8 178 9 687 -1 509
7 083 -1 361 371 -11 043 10 603
440
6 537 -908 268 -8 783 4 628 4 155
9 068 -679 964 -8 236 8 297
-61
7 598 -181 239 -8 038 8 870 -832
9 705 -395 318 -7 065 5 949 1 116
5 954 -716 406 -6 525 7 480 -955

SUMMARY

8 868
6 878
8 834
9 778
9 464
9 282
9 257
4 295

1 128
2 876
-614
285
935
-2 363
-1 145
-1 097
1 258
3 600

CURRENT ACCOUNT

EUR m

70000

JANUARY 2007 - AUGUST 2007

JANUARY 2008 - AUGUST 2008

EUR m

JANUARY 2007 - AUGUST 2007

JANUARY 2008 - AUGUST 2008

EUR m

EUR m

70000

70000

60000

60000

60000

60000

50000

50000

50000

50000

40000

40000

40000

40000

30000

30000

30000

30000

20000

20000

20000

20000

10000

10000

10000

10000

70000

-10000

-10000

-10000

-10000

-20000

-20000

-20000

-20000

-30000

-30000

-30000

-30000

-40000

-40000

-40000

-40000

-50000

-50000

-50000

-50000

-60000

-60000

-60000

-60000

-70000

-70000

-70000

-70000

-80000

-80000

-80000

CURRENT ACC.
FINANCIAL ACC.
CAPITAL ACC.
ERR. & OMISS.

GOODS

SERVICES

INCOME

TRANSFERS

-80000

Sources: BE. Data compiled in accordance with the IMF Balance of Payments Manual (5th edition).
a. A positive sign for the current and capital account balances indicates a surplus (receipts greater than payments) and, thus, a Spanish net loan abroad (increase in the
creditor position or decrease in the debtor position).
b. A positive sign for the financial account balance (the net change in liabilities exceeds the net change in financial assets) means a net credit inflow, i.e. a net foreign
loan to Spain (increase in the debtor position or decrease in the creditor position).

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BANCO DE ESPAA / ECONOMIC BULLETIN