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Current account balance at -€573m in April


The current account balance was negative in April and amounted to -€573m, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a much bigger deficit of €930m.

In the corresponding period of 2011 the current account balance totaled -€1.15bn. The significant narrowing of the deficit is due primarily to a sharp decline in the deficit on the trade account, which more than halved to €419m. The deficit on the income account also fell, but by a much smaller amount (€80m). Meanwhile, the surplus on the services account remained unchanged from a year earlier while the surplus on the current transfers account fell by €88m.

At the same time, cumulative data for the 12 months ending in April show a current account deficit of €15.85bn, down by 10% over the same period a year earlier. The improvement of the annual balance is attributable chiefly to significantly higher surpluses on the services and current transfers accounts, as well as a slightly lower deficit on the trade account. This more than offset an increase in the deficit on the income account.

In 2011 as a whole the current account deficit stood at €15.9bn (i.e. 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), April 2011-April 2012

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