Poland has sharply increased current account deficit in December

Poland's balance of payments showed a sharply increased deficit in December, prelimiary data from the central bank showed on Monday

The current account deficit grew by nearly 80 percent to 915 mln eur (1.185 bln usd) in December from 531 mln eur in November

The current account is a broad measure of a country's commercial relations with the rest of the world, giving a snapshot of trade in goods and services along with certain financial transfers

Poland's trade balance in December showed a deficit of 1.08 bln eur, a steep rise from the deficit of 287 mln eur in November and 425 mln eur in December 2005. Exports climbed in December by 8.3 pct compared with the same period the previous year to 7.29 bln eur, but imports rose more than twice as fast, increasing by 17 percent year-on-year to 8.37 bln eur, the central bank said. The current account deficit for the 12 months to the end of December 2006 was 5.62 bln eur against 4.13 bln eur for the same period the previous year. The trade deficit, meanwhile, expanded in the same 12-month period to 3.98 bln euros, compared with 2.25 bln eur over the same period in 2005.
Source: futures.fxstreet.com