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Current account deficit at €3.4bn in Q3


The current account balance in the third quarter of 2012 was negative and amounted to -€3.37bn, which translates into 3.6% of GDP in Q3, according to preliminary data from the National Bank of Poland (NBP).

Compared with the corresponding period of 2011, the balance improved by €1.74bn. This was due primarily to a dramatic narrowing of the trade deficit, by €1.92bn to just -€425m, as well as increases in the surpluses on the services and current transfers accounts, by €103m and €89m, to €1.15bn and €802m, respectively. On the other hand, the deficit on the income account widened by €369m to -€4.89bn.

In the first three quarters of 2012 the current account deficit stood at €10.1bn (approx. 3.7% of GDP) and was 21.2% lower than the year before. According to our estimates, in 2012 as a whole the deficit shrank to about 3.5% of GDP. We forecast that in 2013 the current account deficit will decline further to 2.6% of GDP.

Current account deficit in Poland (? m), Q1 2011-Q3 2012

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