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Information on the Balance of Payments in October 2012

Date: 13-12-2012

NBP data: October saw a surplus on the goods, services and current transfers accounts. The total balance on the current and capital accounts was also positive and amounted to nearly EUR 1.00 bn.

On 13 December, the National Bank of Poland released preliminary data on Poland's balance of payments in October 2012. The release puts Polish exports at nearly EUR 14.2 bn (an increase of 15.5% against the October 2011 figure) and imports at over EUR 13.9 bn (an increase of 7.6 % y/y). As a result, the balance of trade in goods was positive. Yet, according to the NBP analysts the robust trade in goods recorded in October was partly driven by seasonal and one-off developments.

Also exports of services posted a strong rise of 15.50% y/y whereas their imports increased by 8.2%. The balance on the negative income account was slightly below the last year’s figure by approx. EUR 1.3 bn. The positive balance on the EU transfers account reached almost EUR 1.5 bn.

As a result, the deficit on the current account was considerably lower than a year before – EUR 650 m as against nearly EUR 2.0 bn in October 2011, whereas the total balance of the current and capital accounts posted a surplus of almost EUR 1 m.

- See: October 2012 balance of payments

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