Slovakia’s current account swings to EUR 1mn surplus in January 2014

By bne IntelliNews March 26, 2014

Slovakia’s current account swung into a surplus of EUR 1mn in January 2014 from a revised deficit of EUR 353mn in December thanks to a surplus on the trade balance and the balance of services, preliminary data from the central bank showed.

In annual terms, the current account surplus shrank by 98.5%. The December current account figure was revised up from an initially reported deficit of EUR 334mn.

The trade balance produced a surplus of EUR 324mn in January versus a revised deficit of EUR 51mn in December with imports rising faster than exports. On an annual basis, exports increased 8.3% in January, following a revised hike of 7.9% in December, whereas imports increased 9.9% compared to a revised 11.1% rise a month earlier.

EUR mn Jan-14 Dec-13 Jan-13 2013 m/m y/y
Trade balance 324 -51 372 4,284 -735.3% -12.9%
--exports 5,229 4,673 4,835 64,361 11.9% 8.1%
--imports 4,904 4,724 4,460 60,077 3.8% 10.0%
----exports, y/y change, % 8.3% 7.9% 8.8% 3.6%    
----imports, y/y change, % 9.9% 11.1% 6.1% 2.5%    
Balance of services 16 7 2 148 128.6% 700.0%
Income balance -205 -207 -142 -1,810 -1.0% 44.4%
Current transfers -133 -102 -169 -1,073 30.4% -21.3%
CURRENT ACCOUNT BALANCE 1 -353 66 1,548 -100.3% -98.5%
Source: National Bank of Slovakia          
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