Slovakias current account deficit narrows by 31.6% in Jan-July 2011.

By bne IntelliNews September 29, 2011
Slovakias current account deficit narrowed by 31.6% y/y to EUR 674mn in the first seven months of 2011, preliminary data from the central bank showed. The decline of the deficit benefited from an improvement in the gap of trade in services and the higher surplus of goods trade. The current transfers declined to a negative EUR 959mn from a negative EUR 185mn a year earlier. This item of the current account went under significant revision of the data. The gap in the balance of services continued to improve, shrinking by 44.6% y/y to EUR 328mn, on account of a 1.5% y/y decline in imported services and a 9.1% y/y hike of exports. Foreign trade surplus widened by 74.3% y/y to EUR 940mn. Both imports and exports performed strongly, rising by 19.6% and 18.4% on the year. The net outflow of income from the country increased by 56.2% y/y to EUR 328mn.
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