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Current account deficit shrinks to €2.2bn in Q2


The current account balance in the second quarter of 2012 was negative and amounted to just over -€2.16bn, which translates into 2.4% of GDP in Q2, according to preliminary data from the National Bank of Poland (NBP).

Compared with the corresponding period of 2011, the balance improved by €1.92bn. This was due primarily to a sharply lower deficit on the trade account, which almost halved to -€1.64bn, as well as a smaller deficit on the income account, which shrank by €794m. The surplus on the services account increased by €180m. These positive changes well outweighed a €568m decline in the surplus on the current transfers account.

In 2011 as a whole the current account deficit stood at €18bn (approx. 4.9% of GDP) and was 0.7% 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-Q2 2012

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