PKO BP: deficit widened in December due to slowdown in exports and services

Poland’s current account deficit widened to PLN 7.2 billion in December 2025, according to central bank data, as export weakness reflected a sharp slowdown in transport, ICT and other business services exports, PKO BP economists said. Although goods exports rose 8.5% y/y and imports increased 8.9%, the services surplus showed signs of stagnation while imports maintained near 10% growth. For 2025, the current account deficit reached 0.7% of GDP, compared with a surplus in 2024.

Analysts expect the services surplus to decline further amid global trends and rising competition, potentially pushing the deficit to around 1.6% of GDP by end 2026, despite improving goods exports supported by stronger external demand.

(PAP)