Narodowy Bank Polski

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Poland’s External Transactions In July

Date: 12-09-2011

NBP data: July data on balance of payments show weaker foreign trade growth

Preliminary data on Poland’s balance of payments in July 2011, announced by the NBP on 12 September, show a deficit of EUR 1,116 million on the current account. The amount is close to the June figure and slightly reduced on a year ago (when it amounted to EUR 1,170 million). This is a combined result of deficits on the trade and income accounts (amounting, respectively, to EUR 1,200 million and EUR 1,122 million). A surplus – although on a smaller scale – was recorded on the services account (EUR 349 million).

Preliminary NBP data indicate foreign trade weakening. Exports rose on last year’s figure by 5.5% and imports by 8.7%. However, when compared with June results, exports fell by 8.2% while imports by 7%.

In July, Poland recorded a considerable surplus of EU fund transfers. A total of EUR 1, 343 million was transferred from Brussels to Warsaw, whereas the Polish contribution to the EU budget stood at EUR 288 million. The surplus was thus in excess of one billion euros.

See: Balance of payments in July 2011


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