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


 

Current account balance at -€633bn in August


2012-10-15



The current account balance amounted to -€633m in August, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a significantly bigger deficit of about €1bn.

In the corresponding period of 2012 the current account balance totalled -€1.67bn. The substantial reduction of the current account deficit, by over €1bn, was due primarily to a sharply lower deficit on the trade account, which shrank to just €48m from €921m a year earlier. Also, the surplus on the services account increased by €172m, and the deficit on the income account fell by €41m. On the other hand, the surplus on the current transfers account declined by €48m.

At the same time, cumulative data for the 12 months ending in August show a current account deficit of €14.72bn, down by 25.6% compared the same period a year earlier. As with the monthly balance, the improvement primarily reflects a sharply smaller deficit on the trade account, which fell by over €4bn, i.e. by more than a third, as well as a higher surplus on the services account, which increased by €865m. The deficit on the income account also narrowed, by €174m. The surplus on the current transfers account decreased by €178m.

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 balance in Poland (? m), August 2011-August 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.