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Poland’s balance of payments in December 2021

Date: 2022-02-14

NBP data: In December 2021, the current account of the balance of payments posted deficits in the trade in goods account (PLN 11.7bn), the primary income account (PLN 8.3bn) and the secondary income account (PLN 5.1bn), and a surplus in the services account (PLN 6.9bn).

Preliminary data on Poland’s balance of payments in December 2021, released by NBP on 14 February 2022, show a deficit of PLN 18.3bn on the country’s current account. In the corresponding month of 2020, the balance was positive and stood at PLN 3.4bn.

In December 2021, the value of goods exports amounted to PLN 111.3bn, representing an increase of PLN 20.9bn (i.e. 23.1%) as compared with the corresponding month of 2020. December 2021, similarly to November 2021, was characterised by faster growth in imports than in exports of goods. The value of goods imports rose by PLN 35.2bn (i.e. 40.1%) on the December 2020 figure, reaching PLN 123.0bn. The continued fast growth in imports and the resulting deterioration of the balance were mainly driven by a marked increase in prices in the categories comprising raw fuels (natural gas and crude oil).

Exports of services stood at PLN 27.0bn, representing an increase of PLN 4.3bn (i.e. 19.1%) on the December 2020 figure. Imports of services stood at PLN 20.1bn, having increased by PLN 5.5bn (i.e. 37.6%) on the December 2020 figure.

The balance of the primary income account was negative at PLN 8.3bn. The negative balance was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 7.5bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.7bn) and on other investment (PLN 1.4bn).

See also: balance of payments statistics

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