World Economy

Spain Trade Deficit Down 71%

Spain Trade Deficit  Down 71%Spain Trade Deficit  Down 71%

Spain’s trade deficit dropped 71.7% in April from a year earlier to €637.3 million ($722.4 million), the economy ministry said on Monday, as exports surged 6.3% while imports dropped 1.2%, Reuters reported. In the first four months of the year, the trade deficit dropped 28.2% to €5.58 billion as exports gained 1.8% to €83.35 billion while imports slid 0.8% to €88.93 billion. The eurozone’s beleaguered construction industry recorded another month in reverse gear in April shrinking by 0.4%. Building output in the single currency area fell compared to the same period in 2015, and slipped 0.2% on a month on month basis from March. Spain was the bloc’s laggard in April, with output down 3.3%–its fourth consecutive month of declines. The UK however was the EU’s best performing major economy with construction growing by 3% from March to April.