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Current account balance at -€1.3bn in December


The current account balance amounted to -€1.34bn in December, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a smaller deficit of -€1.15bn.

In the corresponding period of 2010 the current account balance totaled -€1.92bn. The significant narrowing of the current account deficit reflects a reduction in the deficits on the trade and income accounts, which were 18% and 15% lower, respectively, and a near-doubling of the surplus on the services account, albeit from a low base. The surplus on the current transfers account was fractionally smaller than a year earlier.

Cumulative data for January-December 2011 show a current account deficit of -€15.22bn (approx. 4.1% of GDP), down by 7.7% compared with a year earlier. The improvement of the annual balance was due to substantially higher surpluses on the services and current transfers accounts, which more than offset increased deficits on the trade and income accounts.

By way of comparison, 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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