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Current account balance at -€1.5bn in January


2013-03-14



The current account balance amounted to just under -€1.55bn in January, according to preliminary data from the National Bank of Poland (NBP). The figure is in line with market expectations.

In the corresponding period of 2012 the current account balance totalled -€1.99bn. The significant decline of the deficit was due chiefly to the trade account showing a small surplus compared with a deficit of €687m a year earlier, which more than offset an increase in the deficit on the income account. Changes in the services and current transfers accounts were limited.

At the same time, cumulative data for the 12 months ending in January show a current account deficit of €13.04bn, down by €5.38bn compared with a year earlier. The substantial narrowing of the 12-month deficit is explained by a halving of the deficit on the trade account, to €4.85bn, as well as a higher surplus on the services account, which increased by €738m. The surplus on the current transfers account also improved, albeit marginally. At the same time, the deficit on the income account widened by €719m.

In 2012 the current account deficit stood at €13.49bn (i.e. 3.5% of GDP) and was 25.1% 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), January 2012-January 2013



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