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Current account deficit at €4.3bn in Q1


The current account balance in the first quarter of 2012 was negative and amounted to just over -€4.34bn, which translates into 5% of GDP in Q1, according to preliminary data from the National Bank of Poland (NBP).

Compared with the corresponding period of 2011, the balance deteriorated by €1.21bn, i.e. about 39%. This was primarily due to a sharp increase in the deficit on the income account, which widened by nearly €1bn, i.e. by about a third, as well as to a higher deficit on the trade account and a lower surplus on the services account. The surplus on the current transfers account, by contrast, increased by €183m compared with Q1 2011.

In 2011 as a whole the current account deficit stood at €15.98bn (approx. 4.4% of GDP) and was 3.1% 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 2011-Q1 2012

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