The Central Bank of Poland published preliminary balance of payments data showing a current account deficit of PLN 7.4bn in May 2025, widening from a PLN 2.0bn deficit in May 2024. The result reflected a services surplus of PLN 13.8bn alongside deficits in primary income (PLN 14.0bn), trade in goods (PLN 6.1bn) and secondary income (PLN 1.1bn). Goods exports rose 3.4% year on year to PLN 119.9bn, while imports increased 4.5% to PLN 126.1bn, with export growth strongest in toys, clothing and pharmaceuticals and supported by renewed automotive sales, while durable consumer goods exports continued to fall. Imports were lifted by armament deliveries as well as higher consumer goods and agricultural product inflows, partly offset by lower crude oil prices, which reached their lowest level since September 2021. Services exports increased 6.2% to PLN 39.3bn and services expenditure rose 9.4% to PLN 25.2bn; the primary income deficit deteriorated by PLN 3.1bn, driven mainly by a PLN 1.9bn rise in foreign investors’ portfolio income, while direct investors’ income totalled PLN 12.7bn.
Central Bank of Poland 2025-07-14
Central Bank of Poland reports May 2025 current account deficit of PLN 7.4bn
The Central Bank of Poland reported a widening current account deficit of PLN 7.4bn in May 2025, up from PLN 2.0bn in May 2024. The deficit was driven by primary income, trade in goods, and secondary income shortfalls, despite a services surplus. Goods exports increased by 3.4% year on year, with notable growth in toys, clothing, and pharmaceuticals, while imports rose 4.5%, influenced by armament deliveries and higher consumer goods inflows.