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Balance of Payments in November 2012

Date: 18-01-2013

NBP data: The exports of goods were 7.8% up in November 2012 (y/y), while imports shrank by 4.2%. The negative balance on the current account amounted to EUR 1.5 bn in that month, thus being marginally up on the figure recorded a year before.

Preliminary data on Poland's November 2012 balance of payments, released by the National Bank of Poland on 18 January 2012, show the exports of goods to have reached a level slightly in excess of EUR 13.0 bn in that period (a rise of 7.8% y/y), with imports amounting to EUR 13.4 bn (an increase of 4.2% y/y). Inflows resulting from the sale of Polish services posted faster growth at 12.5% y/y. The value of services imports climbed by 8.2%.

A wider gap on the income account (of more than EUR 1.5 bn) accounted for the bulk of the deficit on the current account, which stood at close to EUR 1.5 bn in November and was approx. EUR 0.2 bn higher than the figure seen the year before.

In November, both foreign direct investment in Poland and Polish investment abroad were seen to rise sharply. The analysts of the National Bank of Poland observe that the size of both items may have been influenced by a single transaction. As the funds invested in Poland under this transaction were subsequently used to buy shares in a foreign company, the balance on the FDI account remained unchanged. The balance of inward investment was in surplus and amounted to EUR 3.4 bn, including the balance of direct foreign investment in Poland of nearly EUR 1.6.

See: Balance of Payments November 2012

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