Czech current account surplus widens more than expected in Feb 2012.

By bne IntelliNews April 13, 2012
Czech current account surplus widened to CZK 18.33bn (EUR 738.8mn) in February 2012 from CZK 14.18bn in January mainly thanks to higher surplus on the balances of goods and services, the central bank said. The figure was above analysts' expectations for a surplus of CZK 12.9bn according to a poll by Dow Jones Newswires. The wider February surplus was also helped by the surplus on the current transfers balance, while the gap on the income balance widened. Dividends totalling CZK 10.3bn were paid in February. The balance of current transfers included a surplus of CZK 9.3bn on transfers from the EU budget to the Czech Republic, the bank said. The net portfolio investment inflow was affected by an issue of government bonds abroad with a nominal value of EUR 2bn.
Balance of payments (CZK mn)
2012/01 2012/02 Cumulative
I Current Account 14,180 18,327 32,507
A. Goods 19,398 20,698 40,096
B. Services 3,844 4,109 7,953
C. Income -5,041 -14,729 -19,770
D. Current transfers -4,021 8,249 4,228
II Capital Account 28 59 87
III Financial Account -7,612 7,913 302
1. Direct Investment 7,263 16,341 23,603
2. Portfolio Investment 3,375 43,503 46,878
3. Financial Derivatives 14 2,776 2,790
4. Other Investment -27,933 -21,367 -49,300
5. Reserves assets 9,670 -33,340 -23,669
IV Errors and omissions -6,596 -26,300 -32,896
Source: CNB
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