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Poland’s balance of payments in November 2014

Date: 13-01-2015

NBP Data: In November 2014, the current account of Poland’s balance of payments posted deficits on primary incomes and trade in goods accounts, and surpluses on services and secondary income accounts. The total balance of current and capital accounts was negative and amounted to EUR 14m.

Preliminary November 2014 data on Poland’s balance of payments, published by NBP on 13 January 2015, show a deficit on the current account amounting to EUR 0.3bn. In the corresponding month of 2013, the balance was also negative and amounted to EUR 0.6bn.

In November 2014, Polish goods exports stood at EUR 13.5bn, i.e. 2.4% more than a year earlier. Imports of goods increased by 4.7% as compared with the corresponding month of 2013, and reached EUR 13.6bn at the end of the analysed month. As a result, the balance of trade in goods was negative and stood at almost EUR 0.1bn.

The balance of services was positive and stood at EUR 0.6bn in November 2014. Credits on services reached close to EUR 2.9bn and fell by 1.5% as against November 2013. Debits increased by 0.4% and amounted to approx. EUR 2.3bn.

Primary income balance was negative and stood at EUR 1.1bn. In the corresponding month of 2013 that balance was also negative and amounted to EUR 1.5bn. The size of primary income deficit was determined by the negative balance of the income on investments (EUR 1.2bn), – primarily the income of foreign direct investors on their capital investments in Polish entities (almost EUR 1bn).

Since August 2014, the data of the balance of payments in Poland 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 change of standards had been implemented consistently across Europe by the end of 2014. Currently, all European countries, as well as the ECB and Eurostat, publish data according to the new methodology.

See: Balance of payments in November 2014

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