Balance of payments in February 2012
NBP data: Preliminary information on the balance of payments shows that in February the current account deficit amounted to approximately EUR 1.6 billion and was lower than in January 2012 but higher than in February 2011. This was due to a lower balance of EU transfers than a year ago.
According to the preliminary information on the balance of payments, published by the NBP on 12 April, in February 2012, exports were estimated at a little more than EUR 11.7 billion, i.e. 6.2% more than a year ago, and imports at almost EUR 12.6 billion (increase by 7.0 y/y). The increase in imports resulted from oil prices that were higher than a year ago. The negative balance of trade in goods amounting to approximately EUR 0.8 billion was almost the same as in January 2012. The negative income balance estimated at approximately EUR 1.2 billion was very close to January figures. The component which played a major role in the negative income balance was foreign investors’ income on their shareholdings in companies operating in Poland. In February investors received EUR 92 million in dividends, and their profits reinvested in Poland amounted to EUR 627 million.
In February the positive transfer balance stood at EUR 947 million but due to different deadlines this year for transferring EU funds to Poland it was lower by EUR 817 million than in February 2011, which explained the difference in the current account balances. The balance of trade in services was also positive (at EUR 277 million) mainly owing to Polish transportation companies offering services outside Poland.
The balance of foreign investment in Poland was negative. The main factor that contributed to the value of non-resident investment was a one-off transaction related to the suspension of activities by a special purpose vehicle. For further details see the enclosed information prepared by the Department of Statistics.