Slovakias current account swings into surplus in Jan-Feb 2011.

By bne IntelliNews April 28, 2011
Slovakias current account swung into a surplus of EUR 148.6mn in the first two months of 2011 from a deficit of EUR 175mn a year earlier, preliminary data of the central bank showed. The current transfers were the main factor behind the improvement, as they more than tripled to EUR 320.8mn. The central bank said the surplus in the transfers was related to the higher inflow of EU funds, especially direct payments to farmers in February 2011. Otherwise trade in goods generated a surplus of EUR 136.8mn, a 25.7% y/y growth. Both imports and exports performed strongly, rising correspondingly by 28.7% and 28.6% on the year. Trade in services continued to post deficits but it improved significantly by 65% y/y to EUR 61.8mn on account of 5.8% y/y less imported services and a 10.8% y/y hike of exports. The net outflow of income from the country increased by 17.8% y/y to EUR 247.3mn. IntelliNews comment : We expect the exports of goods and services to continue to perform well reflecting the strong foreign demand. The inflow of EU funds will probably support the current account balance throughout the year, especially considering that this is one of the main revenue sources for the government budget.
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