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Current account balance at -€1.8bn in January


The current account balance amounted to -€1.83bn in January, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a substantially smaller deficit of about €1bn.

In the corresponding period of 2011 the current account balance totaled -€1.31bn. The significant widening of the current account deficit is due primarily to a sharp increase in the deficit on the trade account, by almost 65% y-o-y to €830m. The income and current-transfers accounts also recorded higher deficits, while the surplus on the services account decreased.

At the same time, cumulative data for the 12 months ending in January show a current account deficit of €15.74bn, a decline of 7% compared with a year earlier. The improvement of the annual balance was due to a near-doubling of the surplus on the services account and a sharp increase in the surplus on the current transfers account, which more than compensated for higher deficits on the trade and income accounts.

By way of comparison, in 2011 the current account deficit stood at €15.22bn (approx. 4.1 of GDP) and was 7.7% lower than the year before.

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