Current account with €173 mln deficit

Poland’s current account deficit amounted to €173 million in July 2014, the National Bank of Poland said in a data release on Monday. Exports amounted to €14.1 billion in July, 6.4 percent more than a year earlier. Imports grew by 4.5 percent to €13.7 billion. The resulting surplus on trade stood at €393 million. There was also surplus on services, amounting to €353 million. Revenue from all types of services grew by 3.6 percent year-on-year to more than €2.8 billion and spending on services grew by 6.4 percent y/y to almost €2.5 billion. The balance in EU payments and transfers was also positive and stood at €1.6 billion. The value of current transfers from EU funds stood at €431 million and capital transfers amounted to €1.5 billion. At the same time, Poland paid €254 million in membership fees and payments. At the same time, there was a deficit in revenues, amounting to almost €1.3 billion.