Poland's C/A deficit expands to EUR 1135mn in January, exceeding consensus

By bne IntelliNews March 18, 2014

Poland's current-account balance was negative for the seventh month in a row - after three consecutive months of surpluses - and amounted to EUR 1,135mn in January of 2014 vs. gap of EUR 843mn a month earlier and a deficit of EUR 1,375mn in January of 2013, according to the data of the National Bank of Poland (NBP). Market consensus was deficit of EUR 748 -761mn.
The central bank attributed the C/A figure to negative balance of income (EUR 1,432mn) and current transfers (EUR 286mn) and as well as positive balance of trade in goods (EUR 419mn; broadly in line with market consensus) and services (EUR 164mn). Total balance of current and capital accounts was negative and amounted to EUR 1,161mn.
NBP reported that Poland's exports increased by 10.6% y/y to EUR 13,503mn in January of 2013. Imports noted a rise of 6.6% to EUR 13,085mn. In the entire 2013, exports increased by 4.5% y/y to EUR 155,145mn (vs. 4.2% growth in 2012), while imports were down by 0.3% y/y to EUR 153,165mn (vs. growth of 0.9% in 2012).
Thus, exports remains a key factor driving the Polish economy, additionally supported by an upturn in Western Europe. A more dynamic growth of imports is a sign of strengthening domestic demand, but it should also be attributed to foreign direct investors' income on their capital involvement in Polish companies amounting to EUR 1,069mn. In January of 2014, the balance of EU transfers was negative (as usually in this part of a year) and amounted to EUR 405mn - EU membership premiums paid amounted to EUR 406mn.

Related Articles

Central European banks eye south-eastern expansion

Banking merger and acquisition (M&A) activity in Central Europe is likely to be further limited by the upturn in the region’s economies, industry sources said in comments published on May 29. ... more

RBI doubles net profit y/y in Q1 as Russian business recovers

Raiffeisen Bank International (RBI), the second largest bank operating across Central and Eastern Europe by assets, reported that net profit almost doubled year-on-year to €220mn in the first ... more

Poland shrugs off EU bid to toughen rule of law probe

The EU’s General Affairs Council urged Poland on May 16 to talk with the European Commission about its alleged violations of the rule of law, as Brussels continued to hold back from imposing ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss