Central Bank of Poland reports Poland’s current account turned to a PLN 0.9bn deficit in February 2025 on weaker goods trade and a larger primary income shortfall

The Central Bank of Poland published preliminary balance of payments data showing Poland recorded a current account deficit of PLN 0.9bn in February 2025, compared with a PLN 7.1bn surplus in February 2024. The services account remained in surplus, but this was more than offset by deficits in goods trade, primary income and secondary income. The services balance posted a surplus of PLN 14.5bn, with services exports at PLN 37.1bn (up 4.6% year on year) and services imports at PLN 22.6bn (up 8.0%). Goods trade recorded a deficit of PLN 3.8bn as exports fell 4.8% year on year to PLN 113.8bn and imports fell 1.2% to PLN 117.6bn, with the steepest export declines again concentrated in the automotive industry and decreases also reported for intermediate, durable consumer and investment goods. The primary income deficit widened to PLN 10.0bn, deteriorating by PLN 3.5bn year on year, driven mainly by a PLN 5.2bn increase in foreign direct investors’ income on equity, with foreign direct investors’ income at PLN 11.4bn; income payments on portfolio investment (PLN 1.4bn) and other investment (PLN 2.0bn) also contributed. The secondary income account recorded a deficit of PLN 1.6bn.