Balance of payments in May 2011
According to recent preliminary NBP data, in May 2011, the components of current account were balanced (the balance was 0).
On 15 July, the National Bank of Poland presented preliminary data on Poland’s balance of payments in May 2011. According to the data, the current account was balanced (the balance was 0). It was influenced by a negative balance of trade in goods (EUR 980 million) and income (EUR 963) and a positive balance of current transfers (EUR 1.66 billion) and services (EUR 279 million). The balance of the current account was largely determined by exceptionally high EU transfers (in May, Poland received a little over EUR 1.6 billion from the EU and paid EUR 238 million to the EU budget). For comparison – in the corresponding month of 2010, the current account balance was negative and amounted to EUR 938 million.
The May data confirm that our economy continues to grow. In May, exports amounted to almost EUR 12.2 billion and were higher than a year ago by 20.9%. Imports to Poland increased by 21.9% and exceeded EUR 13.1 billion. Credits on services went up by EUR 229 million in the year (11.5%) and stood at EUR 2.2 billion. In the same period, debits increased by EUR 124 million (6.9%) and amounted to EUR 1.9 billion.
More details can be found in BALANCE OF PAYMENTS IN MAY 2011