NBP figures reveal reduction in current account deficit to $7.04 billion

The current account deficit narrowed by 29% last year to $7.04 billion, or 4% of GDP, the National Bank of Poland (NBP) reported yesterday. Although the monthly gap rose in December to $460 million, up from $417 million in November, analysts stressed that the figure was seriously affected by a change in calculation methods, relating to the categorization of sales of national euro-zone currencies prior to the single currency's January launch. "If it was not for that move, we would have had a $77 million current account surplus in December," commented Jacek Wisniewski, analyst at Bank Pekao S.A. in Warsaw. The NBP data showed that exports rose 7.2% to $30.3 billion in 2001, while imports rose 1.3% to $42 billion, in line with shrinking domestic demand. (Reuters)