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Current account balance at -€1.2bn in December


The current account balance amounted to -€1.2bn in December, according to preliminary data from the National Bank of Poland (NBP). The market had anticipated a smaller deficit of €950m.

In the corresponding period of 2011 the current account balance totalled -€1.89bn. The significant decline of the deficit was due chiefly to a dramatic increase in the surplus on the current transfers account, which grew by €866m compared with December 2011. The surplus on the services account also increased, if marginally (€36m), while the deficits on the trade and income accounts widened by a combined €216m.

At the same time, cumulative data for the 12 months ending in December show a current account deficit of €13.49bn (approx. 3.5% of GDP), down by more than €4.5bn compared with a year earlier. The substantial narrowing of the 12-month deficit is attributable to a near-halving of the deficit on the trade account, to €5.55bn, as well as a major increase in the surplus on the services account, by €769m. At the same time, the deficit on the income account increased by €618m while the surplus on the current transfers account was €189m lower than in January-December 2011.

By way of comparison, in 2011 the current account deficit stood at €18bn (i.e. 4.9% of GDP) and was 0.7% lower than the year before. We forecast that in 2013 the deficit will shrink to 2.6% of GDP.

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

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