Arab Today, arab today spain records 1st monthly trade surplus since 1971
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Imports still plunge 15% amid recession

Spain records 1st monthly trade surplus since 1971

Arab Today, arab today

Arab Today, arab today Spain records 1st monthly trade surplus since 1971

Spain struggles to stay afloat
Madrid – Arabstoday

Spain struggles to stay afloat Madrid – Arabstoday Spain announced Friday its first monthly trade surplus since 1971 as imports slumped because of a collapse in demand in the midst of a recession and record unemployment. The eurozone\'s fourth biggest economy posted a surplus of €634.9m ($817m) in March, compared to a deficit of €3.245bn a year earlier, the Economy Ministry said.
Imports in March plunged by 15 percent from a year earlier to €19.653bn while exports grew two percent to €20.288bn.
But the surplus is not in fact a sign of health in the Spanish economy, said Jose Garcia Montalvo, professor of economics at Barcelona\'s Pompeu Fabra University.
\"Since the domestic economy has come to an abrupt stop, imports also have come to an abrupt stop,\" he told AFP.
\"It is easy to get a trade deficit like that but the good news would have been that that imports were not falling, or only falling a little, and that exports were climbing a lot.\"
Grappling with a deep recession, stubborn public deficit and banks ridden with bad loans, the Spanish government seized on the trade surplus as a sign of strength despite difficult European markets.
\"Exports to our European Union partners fell by 8.1 percent, reflecting the weak economy in the region,\" the Economy Ministry said in a statement.
However, \"Spain is continuing its marked process of reorientating its sales to other markets where the economic outlook is more favourable,\" such as the Middle East, Africa and United States, it said.
Exports to countries outside the European Union surged 20.8 percent from a year earlier in March, accounting for 41.47 percent of all exports, the ministry said.
For the first three months of the year combined, Spain recorded a trade deficit of €4.048bn, trimming the shortfall by 62 percent from a year earlier.
Imports in the quarter dropped 6.9 percent to €60.632bn while exports rose 3.9 percent to €56.584bn, the ministry said.
\"The increase in the pace of Spanish exports contrasts strongly with the results of the main European trade powers,\" the Economy Ministry said of the quarterly figures, pointing to declines in exports from Germany and France.
Prime Minister Mariano Rajoy\'s conservative government has launched an austerity programme to find €150bn in savings between 2012 and 2014 even as the country battles a recession and a record unemployment rate of more than 27 percent.
But many analysts say the tight-fisted policies have deepened the recession. The government is forecasting a 1.3-percent decline in gross domestic product this year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain records 1st monthly trade surplus since 1971 Arab Today, arab today spain records 1st monthly trade surplus since 1971

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain records 1st monthly trade surplus since 1971 Arab Today, arab today spain records 1st monthly trade surplus since 1971

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday