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Poland’s balance of payments in August 2015

Date: 14-10-2015

NBP Data: In August 2015 the current account of the balance of payments posted a deficit in the primary income account (PLN 4.3bn), the secondary income account (PLN 0.4bn) and the trade in goods account (PLN 0.4bn), and a surplus in the services account (PLN 1.5bn). The balance of the combined current and capital accounts was in surplus and amounted to PLN 0.3bn.

Preliminary data on Poland’s balance of payments in August 2015, published by NBP on 14 October 2015, show a deficit on the current account amounting to PLN 3.6bn. In the corresponding month of 2014, the balance on the current account was also negative and stood at PLN 4.8bn.

Goods exports stood at PLN 53.5bn and were PLN 4.2bn higher (i.e. 8.6%) than a year earlier. Imports of goods increased by PLN 3.4bn y/y (i.e. 6.7%), to PLN 53.9bn. As a result, the balance of trade in goods was negative and amounted to PLN 0.4bn, which represented a reduction in the deficit by PLN 0.9bn as compared to August 2014.

Typically, the service account was in surplus – in August 2015 it amounted to PLN 1.5bn. Credits resulting from services exports stood at PLN 13.1bn, representing an increase of 0.2% as compared to August 2014. Debits stood at PLN 11.6bn, having increased by PLN 0.6bn (or 5.9%) on the corresponding period of the previous year.

The primary income account was in deficit of PLN 4.3bn. The negative value of this balance was PLN 1.0bn lower than in the corresponding month of 2014. This balance of primary income was the result of a negative investment account balance (PLN 5.7bn), and a positive balance of compensation of employees (PLN 0.7bn) and other primary income (PLN 0.7bn).

See: Balance of payments statistics (XLSX & PDF)

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