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Poland’s balance of payments in December 2014

Date: 13-02-2015

NBP Data: In December 2014, the current account of Poland’s balance of payments posted deficits on primary incomes, trade in goods and secondary income accounts, and surplus on services account. The total balance of current and capital accounts was positive and amounted to EUR 0.9bn.

Preliminary December 2014 data on Poland’s balance of payments, published by NBP on 13 February 2015, show a deficit on the current account amounting to EUR 1.0bn. In the corresponding month of 2013, the balance was also negative and amounted to EUR 0.6bn.

In December 2014, Polish goods exports stood at EUR 12.0bn, i.e. 6.6% more than a year earlier. Imports of goods increased by 10.7% as compared with the corresponding month of 2013, and reached EUR 12.6bn. As a result, the balance of trade in goods was negative and stood at almost EUR 0.6bn.

The balance of services was positive and stood at EUR 0.5bn in December 2014. Credits on services reached close to EUR 2.9bn and fell by 1.6% as against December 2013. Debits decreased by 1.7% and amounted to approx. EUR 2.3bn.

Primary income balance in December 2014 was negative and stood at EUR 0.9bn. In the corresponding month of 2013 that balance was also negative and amounted to EUR 1.1bn. The size of primary income deficit was determined by the negative balance of the income on investments (EUR 1.3bn), primarily the income of foreign direct investors on their capital investments in Polish entities (almost EUR 1.1bn).

Since August 2014, the data of the balance of payments in Poland 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 change of standards had been implemented consistently across Europe by the end of 2014. Currently, all European countries, as well as the ECB and Eurostat, publish data according to the new methodology.

See: Balance of payments in December 2014

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