Narodowy Bank Polski

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May 2012 balance of payments

Date: 13-07-2012

NBP data: According to preliminary data, in May 2012 Polish exports and imports were both marginally down (by 0.1%) on the previous year’s levels.

According to the preliminary balance of payments data published by the NBP on 13 July, May 2012 saw exports stand at almost EUR 12.1 billion and imports at EUR 13 billion. As compared to the figures observed in the previous year, the value of exports fell by EUR 16 million and that of imports by EUR 15 million, respectively. A deficit on the goods trade account of approx. EUR 0.9 billion was accompanied by an income account deficit which was estimated at EUR 1.4 billion. This was primarily driven by foreign investors’ income on their investment in domestic entities. In May 2012, income from foreign investment rose by EUR 1.1 billion, of which EUR 207 million was reinvested in Poland.

The surplus on the current transfers account reached EUR 1.2 billion in May 2012. As compared to the previous year’s level, this means a decline of EUR 301 million in inflows (lower inflow of funds from the European Social Fund) and a EUR 77 million rise in outflows (higher EU contribution paid).

As regards the current account of the balance of payments, a surplus was also noted in the services account, which was largely driven by Polish transportation companies providing services outside Poland.

The total deficit on the current account exceeded EUR 0.8 billion.

A surplus of EUR 0.4 billion was recorded in the foreign investment account, mainly as a result of higher inflow of portfolio investment, which amounted to EUR 1.9 billion in May 2012.

- See: Balance of payments in May 2011

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Lombard rate 2.50
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Rediscount rate 1.75

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