Current account with €1 bln deficit

Poland’s current account deficit amounted to nearly €1 billion in August 2014, the National Bank of Poland said in a data release on Tuesday. In August 2013 the balance was also negative, at €0.5 billion. Exports amounted to €11.6 billion in August, 1.7 percent more than a year earlier. Imports declined by 1.1 percent to €11.6 billion. The resulting deficit on trade stood at €64 million. There was a surplus on services, amounting to almost €500 million. Revenue from all types of services grew by 0.5 percent year-on-year to €3 billion and spending on services grew by 4.8 percent y/y to €2.5 billion. At the same time, there was a deficit on primary revenues, amounting to €1.4 billion. It was mostly affected by a deficit on investment revenues, worth €1.7 billion.