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Current account deficit at €4.7bn in Q3


The current account balance in the third quarter of 2011 was negative and amounted to -€4.71bn, which translates into 5.2% of GDP in Q3, according to preliminary data from the National Bank of Poland (NBP).

Compared with the corresponding period of 2010, the balance improved by €486m, i.e. 9.4%. This was thanks to a near-tripling of the surplus on the services account and a 67% y-o-y increase in the surplus on the current-transfers account. Though both these improvements came from a low base, they well outweighed concurrent modest increases in the deficits on the trade and income accounts.

In the first three quarters of 2011 the current account deficit stood at €11.2bn (approx. 4.1% of GDP) and was 9.8% higher than the year before.

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