Slovakias current account surplus widens to EUR 207mn in July 2012.

By bne IntelliNews October 4, 2012
Slovakias current account surplus widened to a preliminary EUR 207mn in July 2012 from a revised EUR 142.4mn in June, data from the central bank showed. The June figure was revised down significantly from an originally reported EUR 364.3mn. The widening of the current account surplus in July came mainly as a result of an increase in the trade surplus and partly due to a decline in the income balance deficit, the central bank said. In July 2011, the country recorded a current account deficit of EUR 239.8mn. Slovakias annual export growth accelerated in July to 17.1%, up by 5.7pps from the previous month. The central bank said that the higher growth may reflect differences between the scheduling of factory holidays this summer and last summer. The annual imports growth was nearly unchanged from the previous month at 8.3%. The lead of export growth over import growth therefore increased, resulting in the largest monthly trade surplus this year, the central bank said. Month-on-month, the level of both exports and imports was significantly lower than in June, but such a drop in foreign trade is typical for summer months.
EUR mn July-12 June-12 July-11
Trade balance 399.0 348.8 25.1
--exports 4,977.9 5,331.9 4,252.6
--imports 4,578.9 4,983.0 4,227.5
Balance of services 34.3 32.6 -54.3
Income balance -129.0 -149.0 -135.6
Current transfers -97.3 -90.0 -75.1
CURRENT ACCOUNT BALANCE 207.0 142.4 -239.8
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