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Poland’s balance of payments in May 2017

Date: 14.07.2017

NBP Data: In May 2017, a surplus was recorded on the service account of the current account (of PLN 6.3bn), while deficits were observed on the primary income, goods trade and the secondary income accounts (of PLN 5.9bn, PLN 0.8bn and PLN 0.3bn, respectively). The balance of the combined current and capital accounts was positive at PLN 0.2bn.

Preliminary data on Poland’s balance of payments in May 2017, published by NBP on 14 July 2017, show a deficit of PLN 0.7bn on the country's current account. In the corresponding month of 2016, the balance was positive and stood at PLN 6.1bn.

Exports of goods amounted to PLN 68.3bn, i.e. PLN 5.8bn (or 9.2%) more than a year ago. Imports of goods increased by PLN 8.3bn (i.e.13.6%), to PLN 69.2bn. As a result, the balance of trade in goods was negative at PLN 0.8bn. In May 2016 this balance was positive and stood at PLN 1.7bn.

Typically, the service account was positive at PLN 6.3bn. Credits resulting from exports of services amounted to PLN 17.6bn, representing an increase of PLN 1.4bn (or 8.6%) on May 2016. Debits stood at PLN 11.3bn, having increased by PLN 0.7bn (or 7.1%) on the corresponding period of the previous year.

The balance of primary income was negative at PLN 5.9bn. In the corresponding month of 2016, this balance was also negative and stood at PLN 0.8bn. The deficit on the primary income account was predominantly driven by the negative balance of investment income (of PLN 7.3bn).

See: Balance of payments statistics

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