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Poland’s balance of payments in October 2018

Date: 14.12.2018

NBP data: In October 2018, the current account of the balance of payments (BoP) posted surpluses in the services account (PLN 8.3bn) and a deficit in the trade in goods account (PLN 2.5bn), primary income account (PLN 7.6bn) and secondary income account (PLN 0.1bn). The balance of the combined current and capital accounts was positive and amounted to PLN 4.4bn.

Preliminary data on Poland’s BoP for October 2018, released by Narodowy Bank Polski on 14 December, show a deficit on the current account amounting to PLN 2.0bn. In the corresponding month of 2017, the balance was also negative and stood at PLN 0.1bn.

Export of goods stood at PLN 86.7bn and was PLN 8.7bn (i.e. 11.2%) higher than a year earlier. Import of goods rose by PLN 12.8bn (i.e. 16.7%) to PLN 89.3bn. As a result, the balance of trade in goods was negative at PLN 2.5bn. In October 2017 it was positive and stood at PLN 1.5bn.

Typically, the services balance was positive – it amounted to PLN 8.3bn. Exports of services amounted to PLN 22.3bn, which represented an increase of PLN 2.7bn (i.e. 13.9%) as compared with the October 2017 figure. Imports of services stood at PLN 14.0bn having increased by PLN1.1bn (i.e. 8.8%) on the corresponding month of 2017.

The primary income account was negative and amounted to PLN 7.6bn. In the corresponding month of 2017 the balance was also negative and stood at PLN 8.0bn. The negative balance of primary income was mainly the result of the negative investment income account (PLN 6.5bn).

See: Balance of payments statistics

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