Current account with €766 million deficit in Q1

Poland’s current account deficit amounted to €766 million in Q1 2014, the National Bank of Poland said in a data release. Exports amounted to €40.74 billion in Q1, 9.1 percent more than a year earlier. Imports grew by 5.6 percent to €39.58 billion. The resulting surplus on trade stood at €1.16 billion. There was also surplus on services, amounting to €1.25 billion. Revenue from all types of services grew by 3 percent year-on-year to €6.8 billion and spending on services grew by 4.3 percent y/y to €5.54 billion. The balance in EU payments and transfers was also positive and stood at €1.83 billion. The value of current transfers from EU funds stood at €1.92 billion and capital transfers amounted to €1.56 billion. At the same time, Poland paid €1.65 billion in membership fees and payments.