The Czech current account printed a surplus of CZK38.2bn (€1.48bn) in 2018, a year-on-year decrease by almost CZK16bn (€620.28mn), according to preliminary data released by the Czech National Bank (CNB) on February 13.
“A weaker crown and a better balance of foreign trade at the end of last year had a positive impact on the balance of payments. However, this year we expect crown to strengthen and foreign trade surplus to decline further,” said Raiffeisenbank analyst Lubos Ruzicka, the Czech News Agency reporting, adding that this year he expects foreign trade balance to end in a surplus of CZK30bn (€1.163bn).
“Last year, imports joined a solid export dynamics, due to solid growth in investment and rising domestic demand for foreign goods,” added Komercni Bank analyst Monika Junicke.
Until 2013, the balance of payments of the Czech Republic was always in deficit. A surplus of CZK7.9bn (€306.26mn) was recorded for the first time in 2014, CZK11.3bn (€438.07mn) in 2015, CZK52.6bn (€2.04bn) in 2016, and a record CZK54.16bn (€2.1bn) in 2017.