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Poland's Balance of payments in July 2014

Date: 15-09-2014

NBP data: Poland’s July 2014 balance of payments saw surpluses on the EU transfer, service and goods trade accounts. A standard deficit was recorded on the income account. The balance of the current account was slightly in the red. The total balance of the current and capital accounts was positive and amounted to EUR 1.3bn.

Preliminary July 2014 balance of payments data – released by Narodowy Bank Polski on 15 September – show Polish exports of goods to reach EUR 14.1bn in that month, i.e. 6.4% more than a year before. Imports increased by 4.5% in comparison with July 2013 and stood, at the end of the month, at EUR 13.7bn. The resulting trade balance was positive and amounted to EUR 393 million and was higher than a month before (EUR 256 million).

The surplus of the service account was EUR 353 million. In the analysed period credits resulting from services increased by 3.6% in comparison to July 2013, reaching EUR 2.8bn, while debits rose by 6.4%, to almost EUR 2.5bn.

July saw a surplus on the EU transfer account, which reached EUR 1.6bn. The inflow of EU funds under current transfers was EUR 432 million, and under capital transfers – almost EUR 1.5bn. In the same period, Poland paid EUR 254 million to the EU budget in membership fees.

The negative balance on the income account amounted to nearly EUR 1.3 bn. In the corresponding month of 2013, this account was also in deficit which amounted to almost EUR 1.5bn.

The current account balance was negative in July at EUR 173 million. In the corresponding month of 2013 the deficit on this account was almost three times larger and stood at EUR 566 million.

See: Balance of payments in July 2014

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