Current account deficit worse than September, but better than hoped for

The National Bank announced on Friday that the October current account deficit amounted to $562 million. This is slightly more than expected by market analysts. Exports and imports reached $3.15 billion and $4.16 billion respectively. Despite the fact that September's export results were excellent (they increased by over 25%), the majority of market analysts do not expect it will be possible to maintain such good results. "The October figures were a real turn up. We did not expect them to be so good," said BRE Bank economist Katarzyna Zajdel-Kurowska. She added that Poland is trying to compensate for weak exports to Germany by increasing sales to France, Russia and Sweden. "However, Germany is still our largest trading partner and her sluggish economic revival will eventually touch our exporters as well," said Iwona Kowalska chief economist of CA IB Securities. (Rzeczpospolita, Nov. 30 - Dec. 1, p. B1; Reuters) A.Z.