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Current account deficit falls below €5bn in Q4


The current account balance in the fourth quarter of 2011 was negative and amounted to just over -€4.96bn, which translates into 5.1% of GDP in Q4, according to preliminary data from the National Bank of Poland (NBP).

Compared with the corresponding period of 2010, the current account balance improved by more than 21%. This was due primarily to a markedly lower deficit on the trade account and a substantial surplus on the current transfers account, compared with a slight deficit a year earlier. The surplus on the services account also increased while the deficit on the income account was smaller than in Q4 2010.

In 2011 as a whole the current account deficit stood at €15.9bn (approx. 4.3% of GDP) and was 3.5% lower than the year before. We forecast that in 2012 the deficit will shrink to about 3.5% of GDP.

Current account deficit in Poland (? m), Q1 2010-Q4 2011

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