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Poland’s balance of payments in September 2014

Date: 13-11-2014

NBP data: In September 2014, the current account of Poland’s balance of payments posted a deficit on the primary income account and surpluses on goods, services and secondary income accounts. The total balance of current and capital accounts was positive and amounted to EUR 0.2bn.

Since the August 2014 set, the data on Poland’s balance of payments have been 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 compiled according to the new methodology.

Preliminary September 2014 balance of payments data released by NBP on 13 November show a deficit on the current account exceeding EUR 0.2bn. In the corresponding month of 2013, the balance was also negative and amounted to EUR 0.5bn.

Polish goods exports reached EUR 14.2bn in September 2014, i.e. 5.5% more than a year earlier. Goods imports rose by 5.8% in comparison to September 2013, and stood at EUR 13.6bn at the end of September 2014. As a result, the balance on goods was positive and amounted to EUR 0.6bn

The balance on the services account was positive and exceeded EUR 0.4bn in September 2014. In this period, credits on services fell by 0.2% - to EUR 2.8bn. as against September 2013, while debits on services rose by 2.4% and reached over EUR 2.3bn.

The balance on primary income was in deficit and stood at EUR 1.6bn. In the corresponding month of 2013 it stood at a similar level. The size of the primary income deficit was determined by the deficit in income on investments (of EUR 2.1bn.), primarily the income of foreign direct investors on their capital investments in Polish companies (of EUR 1.4bn).

See: Balance of payments in September 2014

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