Czech current account gap widens to EUR 522mn in July, below expectations.

By bne IntelliNews September 13, 2011
The Czech current account gap widened to CZK 12.8bn (EUR 522mn) in July 2011 from CZK 8.28bn a month earlier mainly due to deficits on the income balance and the balance of current transfers, the central bank said. Analysts polled by Reuters were expecting a gap of CZK 20bn. The current account ran a deficit for the fifth straight month but in annual terms in was lower than July 2010s of CZK 39.57bn. The current transfers account had a shortfall of CZK 3.6bn compared to a surplus of CZK 466mn in the previous month and gap of CZK 3.3bn a year ago. The balance of current transfers included a deficit of CZK 2.3bn on transfers from the Czech Republic to the EU budget, while there were no transactions in relation to the EU budget on the capital account, the bank said. The income account deficit narrowed to CZK 21.2bn in July 2011 from CZK 26.8bn in June and CZK 36.3bn a year ago. Capital outflow on the financial account was CZK 0.4bn under the ECB methodology. Direct investment recorded a deficit of CZK 3.4bn due to a reduction in equity capital in the Czech Republic. On the assets side, the net portfolio investment inflow was affected by lower investment in equity and debt securities abroad.
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