Nov current account deficit at €755 million

Poland’s current account deficit amounted to €755 million in November 2013, the National Bank of Poland said in a release last Friday. Exports amounted to €13.6 billion in November, 1.2 percent more than a year earlier. Imports declined by 0.8 percent to €16.6 billion. The resulting surplus on trade stood at €7 million. There was also surplus on services, amounting to €343 million. Revenue from all types of services grew by 3.7 percent to €2.6 billion and spending on services grew by 3.8 percent y/y to €2.3 billion. The balance in EU payments and transfers was also positive and stood at €168 million. Current transfers from EU funds stood at €97 million and capital transfers stood at €262 million. At the same time Poland paid €191 million in membership fees and payments.