Current account surplus at €300 mln

Poland’s current account surplus amounted to €300 million in May 2014, the National Bank of Poland said in a data release on Monday. Exports amounted to €13.6 billion in May, 11.3 percent more than a year earlier. Imports grew by 9.9 percent to €13.4 billion. The resulting surplus on trade stood at €0.2 billion. There was also surplus on services, amounting to nearly €0.5 billion. Revenue from all types of services grew by 1.6 percent year-on-year to €2.6 billion and spending on services grew by 4.3 percent y/y to almost €2.2 billion. The balance in EU payments and transfers was also positive and stood at €3.8 billion. The value of current transfers from EU funds stood at €1.2 billion and capital transfers amounted to €3 billion. At the same time, Poland paid €0.4 billion in membership fees and payments.