Exports help Spain narrow deficit

The Economy Ministry announced that Spain has managed to cut its trade deficit by a third.

Stong performance in the overseas exports sector and poor domestic demand offset an increase in Spain’s energy bill. Spain relies heavily upon imported fuel causing a rise of 13.9 per cent.

 Imports declined 2.8 per cent as the country slipped back into recession, while exports climbed 3.8 per cent. the shortfall fell by 33.6 per cent to €30,757 billion.

Main leaders in the exports were the capital goods, food, chemical product and automobile sectors.

by SGL