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Spain’s trade deficit fell by 22.5 percent in 2016

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Staff Writer | Tuesday February 21, 2017 5:26AM ET
Exports from Spain
Business in Spain   Unemployment among young people grew

Exports from Spain rose to their highest level on record, while the trade deficit fell to its second lowest level since 1997.


It left the economy with a trade deficit of €18.8 billion euros (£16bn) for 2016, while the value of exports reached €254.5bn, an increase of 1.7 percent over the year, according to Spain’s economy ministry.

Imports fell by 0.4 percent, down to €273.3bn.

Spain’s economy grew faster than the UK’s in 2016, reaching 3.2 percent according to the National Statistics Institute’s preliminary estimates.

Read more: Spain wants to start post-Brexit trade talks with Britain soon

Despite the positive data, overall unemployment in Spain remains at 18 percent, the result of a deep recession that saw its economy contract by 2.9 percent in 2012.

Unemployment among young people grew in 2016, reaching 44.4 percent, a legacy of the eurozone debt crisis which hit Spain particularly hard.

 

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