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Current account balance at -€1bn in November


2012-01-13



The current account balance amounted to -€1.03bn in November, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a substantially bigger deficit, in the region of €1.5bn.

In the corresponding period of 2010 the current account balance totaled -€2.7bn. The significant narrowing of the current account deficit reflects a sharp reduction of the trade deficit, which shrank by over 40% y-o-y to €749m, a dramatic reversal on the current transfers account, which showed a surplus of €290m compared with a deficit of €418m a year earlier, as well as a lower deficit on the income account (down by a fifth to -€952m) and a near-doubling of the surplus on the services account, albeit from a low base.

Cumulative data for the 12 months ending in November show a current account deficit of €15.73bn, down by 1.4% compared with the same period a year earlier. The fractional improvement of the annual balance was due to significantly higher surpluses on the services and current transfers accounts, which outweighed substantial increases in the deficits on the trade and income accounts.

In 2010 the current account deficit stood at €16.5bn (i.e. 4.6% of GDP) and was 35% higher than the year before.



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