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Poland's Balance of payments in May 2014

Date: 14-07-2014

NBP data: Poland's May 2014 balance of payments saw surpluses on the EU transfer, service and goods trade accounts. A deficit was recorded on the income account. The total balance of the current and capital accounts was positive and amounted to more than EUR 3.2bn.

Preliminary May 2014 balance of payments data, released by Narodowy Bank Polski on14 July, show Polish exports of goods to reach EUR 13.6bn in that month, i.e. 11.3% more than a year before. Imports rose by 9.9%, and stood, at the end of the month, at a little more than EUR 13.4bn. The resulting trade balance was positive and amounted to EUR 0.2bn, having risen EUR 0.2bn on the May 2013 figure.

The surplus on the service account was a little below EUR 0.5bn. In the period analysed, credits resulting from services increased by 1.6% y/y - to EUR 2.6bn, while debits rose by 4.3%y/y - to almost EUR 2.2bn.

May saw a large surplus on the EU transfer account, which reached EUR 3.8bn. The inflow of EU funds under current transfers was EUR 1.2bn, and under capital transfers - EUR 3bn. In the same period, Poland paid EUR 0.4bn to the EU budget in membership fees.

The negative balance on the income account amounted to EUR 1.4bn. In the corresponding month of 2013, this account was also in deficit which amounted to EUR 1.4bn as well.

The current account balance was positive in May at EUR 0.3bn. In May 2013 this account was in deficit and stood at EUR 0.2bn.

See: Balance of payments in May 2014

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