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Poland’s balance of payments in February 2014

Date: 11-04-2014

NBP data: February 2014 saw positive balances of services, trade in goods and the EU transfers, while the balance of income account was negative. The total balance of current and capital accounts was positive and amounted to EUR 549m.

Preliminary data on Poland’s balance of payments in February 2014, released by Narodowy Bank Polski on 11 April, show Polish exports of goods of EUR 12.8bn, i.e. 3.4% higher than a year before. Imports of goods grew by 5.6% and reached EUR 12.6bn at the end of February. As a result the positive balance of trade in goods stood at EUR 179m, which represents a decrease of EUR 247m against February 2013 figure.

The positive balance of services amounted to EUR 456m. At the same time credits on services increased by 1.6% y/y, to EUR 2,2bn, while debits rose by 2.5% y/y – to reach EUR 1.7bn.

February saw also a positive balance of EU transfers, which amounted to EUR 1.1bn. Inflows of funds from the European Union in current transfers reached EUR 777m, and in capital transfers – EUR 1.2bn. Over the same period Poland paid to the EU budget EUR 894m in membership fees.

The negative balance of income account (EUR 1.2bn) was a decisive factor leading to a negative balance of current account - EUR 572m.

See: Balance of payments in February 2014

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