出版社：European Commission Directorate-General for Economic and Financial Affairs
摘要：In 2005 the current account deficit attained 7.% of GDP, its worst position of the last
25 years, and in 2006 it might reach 8.%. Traditionally, Spain¡¯s trade deficit has
been partially offset by surpluses in other external balances, particularly service trade,
as a result of large net tourism inflows, but since 2005, the current account deficit has
been as large as the trade deficit. While cyclical factors, strong domestic and weak
foreign demand, and the transitory effect of the increase in oil prices certainly have
some bearing on the deterioration of the current account balance, structural factors,
linked to persistent competitiveness losses, also play a significant role. In the past,
attempts to rebalance external accounts relied on the exchange rate instrument.
However, as devaluation is no longer an available option since accession to the
monetary union, the focus should be put on rolling out policies designed to enhance
productivity growth ¨C in other words, implementing the Lisbon agenda. This remains
crucial to recovering lost competitiveness and rebalancing the external accounts.
