Current-account balances worldwide / Economist

spain is really looking ugly..... to drunk from the bubble....this will change cery soon....

in den ländern mit den größten immoblasen sind wohl nicht ganz zufällig auch die defizite bsonders ausgeprägt....

America spends much more than it produces, resulting in a current-account deficit of 6.5% of GDP last year. One of the most prominent and enduring features of the macroeconomic landscape, America's deficit will narrow this year to 6.1% of GDP, according to the OECD's projections, before widening again to 6.2% in 2008. Spain's external deficit is even bigger relative to the size of its economy and will amount to 10.5% of GDP in 2008, the OECD projects.

Turkey should be able to sustain a deficit of over 7% of GDP this year and next, the OECD forecasts, thanks to resurgent foreign direct investment and private loans. Thanks mainly to German thrift, the euro area as a whole will run a small surplus with the rest of the world