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Current Account Deficit At Record High of EUR -3.92B

POLAND
MNI (London)

APR CURRENT ACCOUNT BLNCE EUR -3.92B (FCST -2.59B); MAR -2.97B

  • A PLN 18.2bln deficit was recorded in April (EUR -3.92bln) following substantial export and import growth which expanded 8.6% and 24.8% compared to April 2021. This is the ninth consecutive month of the current account finding itself in deficit territory and a record deficit for the country.
  • Oil import prices in April 2022 were 75% higher than in April 2021, accounting for a substantial portion of the increased trade deficit. Natural gas and coal had similar effects.
  • Supply chain disruptions have hampered exports of automotives and electronics, which combined with a stark decline in trade with Russia has deepened the Polish current account deficit. In April 2021, Russia was the 7th most important trading partner for Poland and has since slipped to 23rd place.
  • The services surplus also saw a further squeeze in April, coming in at a softer EUR 2.24bln from EUR 2.30bln in 2021.
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