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July 2012 balance of payments

Date: 11-09-2012

NBP data: In July 2012 Poland’s exports grew by 12.7% on the July 2011 figure, whereas imports rose by 4.2%. The combined balances of current and capital accounts showed a surplus of approx. EUR 1 billion.

Preliminary data on Poland’s balance of payments in July 2012, released by the NBP on 11 September 2012, indicate a negative balance of current account that reached approx. EUR 1 billion and was lower by EUR 0.8 billion y/y than a year before. NBP analysts emphasize that this was predominantly a result of a lower trade deficit in goods. Despite the fact that a relatively high exports growth figure for July 2012 partly stemmed from a low level of exports in July 2011, higher exports of goods were noted in all categories classified according to destination. In the case of investment goods the growth amounted to 25.3%.

Also exports of Polish services (up by 7.8 % y/y) were growing faster than imports (4.6% y/y). The balance of trade in services was, as almost always, positive and stood at EUR 0.4 billion.

The negative balance of income was comparable to the previous year’s figure (approx. EUR 1.5 billion as against EUR 1.3 billion).

In contrast, a positive balance of EU transfers, which reached close to EUR 2.3 in July 2012, almost doubled its size recorded in July 2011.

- See: Balance of payments in July 2012

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