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Poland’s balance of payments in October 2014

Date: 15-12-2014

NBP data: In October 2014, the current account of Poland’s balance of payments posted surpluses on goods, services and secondary income accounts and a deficit on the primary income account. The total balance of current and capital accounts was positive and amounted to EUR 0.3bn.

Since the August 2014 set, the data on Poland’s balance of payments have been compiled in line with the new methodology standards laid down by the IMF in the BPM6 Balance of Payments and International Investment Position Manual. The modified standards are being implemented consistently throughout Europe. By the end of 2014, all the European countries as well as the ECB and Eurostat will have started to publish data compiled according to the new methodology.

Preliminary October 2014 balance of payments data released by NBP on 15 December show a deficit on the current account of EUR 0.4bn. In the corresponding month of 2013, the balance was also negative and amounted to almost EUR 0.1bn.

Polish goods exports reached EUR 14.7bn in October 2014, i.e. 3.2% more than a year earlier. Goods imports rose by 3.4% in comparison to October 2013, and stood at EUR 14.6bn at the end of October 2014. As a result, the balance on goods was positive and amounted to nearly EUR 0.1bn

The balance on the services account was positive and exceeded EUR 0.6bn in October 2014. In this period, credits on services stood at EUR 2.8bn, falling by 5.3% as against September 2013. Debits on services decreased by 3.7% and reached EUR 2.2bn.

The balance on primary income was in deficit and stood at EUR 1.2bn. In the corresponding month of 2013 it was also negative and exceeded EUR 1.3bn. The size of the primary income deficit was determined by the deficit in income on investments (of EUR 1.3bn) – primarily the income of foreign direct investors on their capital investments in Polish companies (of EUR 1bn).

See: Balance of payments in October 2014

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