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Current account balance at -€1.49bn in November


The current account balance amounted to -€1.49bn in November, according to preliminary data from the National Bank of Poland (NBP). The market anticipated a smaller deficit of €850m.

In the corresponding period of 2012 the current account balance totaled -€1.29bn. The slight increase of the current account deficit was due to a bigger deficit on the income account, which grew by €345m to nearly €1.53bn, and a near-elimination of the surplus on the current transfers account, which amounted to just €52m in November 2012, compared with €404m a year earlier. This more than offset a sharp narrowing of the deficit on the trade account, which almost halved to €394m, and a €123m increase in the surplus on the service account to €381m.

At the same time, cumulative data for the 12 months ending in November show a current account deficit of €14.19bn, down by nearly €4bn compared with a year earlier. The sharp narrowing of the 12-month deficit reflects a near-halving of the deficit on the trade account, to €5.49bn, and a €715m increase in the surplus on the services account. At the same time, the deficit on the income account increased by €448m to €16.86bn, whereas the surplus on the current transfers account declined by €1.07bn to €3.37bn.

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

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