The Central Bank of Poland published preliminary balance of payments data showing a PLN 2.3bn current account deficit in November 2024, compared with a PLN 5.2bn surplus in November 2023. The month featured a services surplus of PLN 13.7bn alongside deficits in trade in goods (PLN 7.1bn), primary income (PLN 6.6bn) and secondary income (PLN 2.3bn). Goods exports fell 6.2% year on year to PLN 123.0bn and goods imports fell 2.0% to PLN 130.1bn, with the smaller number of workdays cited as a factor behind weaker trade dynamics. Exports of means of transport recorded the largest drop, linked to a deterioration in the automotive industry, while agricultural products were broadly stable year on year due to higher prices for some commodities. On services, export income rose 5.3% to PLN 42.1bn and expenditure rose 6.4% to PLN 28.3bn. The primary income deficit improved by PLN 0.4bn year on year to PLN 6.6bn, mainly reflecting a PLN 0.9bn improvement in the negative wage balance. The primary income outcome was also shaped by foreign direct investors’ income on equity investments in Polish entities (PLN 11.2bn) and payments of income on portfolio investment (PLN 1.5bn) and other investment (PLN 2.0bn).
Central Bank of Poland 2025-01-13
Central Bank of Poland reports Poland’s current account shifted to a PLN 2.3bn deficit in November 2024
The Central Bank of Poland reported a PLN 2.3bn current account deficit for November 2024, contrasting with a PLN 5.2bn surplus in November 2023. Goods exports fell 6.2% year on year, while imports decreased by 2.0%, with the automotive industry notably impacted. Services exports increased by 5.3%, and the primary income deficit improved by PLN 0.4bn, influenced by foreign direct investment income.