Slovakias current account deficit narrows by 67.1% in Jan-May 2011.

By bne IntelliNews July 28, 2011
Slovakias current account deficit narrowed by 67.1% y/y to EUR 166mn in the first five months of 2011, preliminary data from the central bank showed. The decline of the deficit benefited from higher net current transfers, an improvement in the gap of trade in services and the higher surplus of goods trade. The current transfers increased to EUR 124mn as the inflow of EU funds rose, especially direct payments to farmers in February 2011. The gap in the balance of services narrowed by 41.4% y/y to EUR 251mn on account of a 0.8% y/y decline in imported services and a 7.6% y/y hike of exports. Foreign trade surplus widened by 17.9% y/y to EUR 619mn. Both imports and exports performed strongly, rising correspondingly by 21.5% and 21.6% on the year. The net outflow of income from the country increased by 9.9% y/y to EUR 658mn.
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