PMR Online access    |   tel. +48 12 340 51 00    |   E-mail: info@pmrcorporate.com
 


 

Current account balance at -€1bn in July


2012-09-11



The current account balance amounted to -€1.03bn in July, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a bigger deficit of about €1.3bn.

In the corresponding period of 2011 the current account balance totaled -€1.87bn. The significant reduction of the current account deficit was due primarily to a sharply smaller deficit on the trade account, which declined by €875m, or almost 74% y-o-y, to -€314m. The surpluses on the services and current transfers accounts also improved, though from a low base, by a combined €199m. Meanwhile, the deficit on the income account widened by almost a fifth to -€1.56bn.

At the same time, cumulative data for the 12 months ending in July show a current account deficit of €15.69bn, down from -€18.22bn in the same period a year earlier. The improvement of the annual balance likewise reflects a lower deficit on the trade account (by more than €3.1bn), and higher surpluses on the services and current transfers accounts (by a combined €1.1bn). This more than offset a €1.6bn increase in the deficit on the income account.

In 2011 as a whole the current account deficit stood at €16bn (approx. 4.4% of GDP) and was 3% lower than the year before. We forecast that in 2012 the deficit will shrink to about 3.8% of GDP.

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



Browse and search in our archive »


subscribe to PMR RSS NEWS channelsSubscribe to PMR RSS NEWS channels »




 

Useful links         Privacy Policy
Copyright © 2018 PMR. All rights reserved.

PMR is a British-American company providing market information, advice and services to international businesses interested in Central and Eastern Europe as well as other emerging markets. PMR key areas of operation include business publications (through PMR Publications), consultancy (through PMR Consulting) and market research (through PMR Research). With over fourteen years of experience, high international standards in projects and publications, highly skilled multilingual staff and a wide network of co-operating research companies and market experts, PMR is one of the largest companies of its type in the region.