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Poland's Balance of payments in August 2014

Date: 14-10-2014

NBP data: In August 2014, the current account of Poland’s balance of payments posted deficits on the primary income and goods accounts and surpluses on the services and secondary income accounts. The total balance of the current and capital accounts was negative and amounted to EUR 1bn.

The released data on Poland’s balance of payments in August 2014 were compiled in line with the new methodology standards laid down by the IMF in the BPM6 Balance of Payments and International Investment Position Manual. The modified standards are being implemented consistently throughout Europe. By the end of 2014, all the European countries as well as the ECB and Eurostat will have started to publish data complied according to the new methodology.

Preliminary August 2014 balance of payments data released by NBP on 14 October show a deficit on the current account of approximately EUR 1bn. In the corresponding month of 2013, the balance was also negative and amounted to almost EUR 0.5bn.

Polish goods exports reached almost EUR 11.6bn in August 2014, i.e. 1.7% less than a year earlier. Imports decreased by 1.1% in comparison to August 2013, and stood at EUR 11.6bn at the end of August 2014. As a result, the balance on goods was negative and amounted to EUR 64m., having deteriorated by EUR 77m. in comparison to the corresponding month of 2013.

The services account was positive and reached EUR 0.5bn in August 2014. In this period, credits on services grew by 0.5% - to EUR 3.0bn. as against August 2013, while debits on services rose by 4.8% and reached EUR 2.5bn.

The balance on primary income was in deficit and stood at EUR 1.4bn. In the corresponding month of 2013 it was also negative and reached EUR 0.9bn. The size of the primary income deficit was determined by deficit in income on investments (of EUR 1.7bn.), primarily the income of foreign direct investors on their capital involvement in Polish companies (of EUR 1.3bn)

See: Balance of payments in August 2014

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