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Current account balance at -€1.6bn in February


2012-04-12



The current account balance amounted to -€1.59bn in February, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a smaller deficit of €1.3bn.

In the corresponding period of 2011 the current account balance totaled -€714m. The significant widening of the deficit is due primarily to a sharp narrowing of the surplus on the current transfers account, which shrank by over 70% compared with a year ago, as well as a substantial increase in the deficit on the income account, which swelled by a third year-on-year. The deficit on the trade account also increased, but by a smaller amount. The surplus on the services account was marginally lower than a year earlier.

At the same time, cumulative data for the 12 months ending in February show a current account deficit of €17.37bn, down by 1.2% over the same period a year earlier. The marginal improvement of the annual balance is due to increased surpluses on the services and current transfers accounts, which slightly outweighed concurrent increases in the deficits on the trade and income accounts.

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 3.9% of GDP.

Current account balance in Poland (? m), February 2011-February 2012



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