April trade figures boosts optimists' hopes that economic revival is underway

On Friday the National Bank of Poland (NBP) announced that the current account deficit in April amounted to EUR 369 million, against EUR 248 million in March and market expectations of EUR 277 million. The deficit dropped to 2.9% in relation to GDP. According to the figures, exports measured in Euro dropped by 1.1% in April, after it increased by 6.6% in March. "Export dynamics are not threatened," said Bank Pekao economist Jacek Wiśniewski. In the meantime, imports increased by EUR 400 million and, "In our opinion the improvement is due to increased willingness of companies to invest, and not due to the growth of individual consumption," said a BRE Bank analyst. Market watchers see these results as another sign of economic revival that followed a 10% growth in industrial output and an 11% increase in retail trade in April. The national trade balance was further improved by so-called unclassified accounts, which gave Poland a EUR 500 million surplus in April. (Gazeta Wyborcza, May 31-June 1, p. 26) M.M.