Poland shows reduced current account deficit in February

WARSAW (Thomson Financial) - Data from Poland's central bank revealed the country's balance of payments showed a substantially reduced deficit in February.

The current account deficit fell to 424 mln eur (571 mln usd), down from 733 mln eur in January, the bank said.

The February deficit was far below the 878 million euros forecast by analysts.

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

In 2006, Poland's total balance of payments deficit had hit 6.27 bln euros, compared to 4.13 bln euros the previous year.

Poland's trade balance in February showed a deficit of 60 mln eur, a major decline from the deficit of 387 mln eur in January.

In February, Polish exports climbed by 16.3 pct compared to the same period the previous year, to 8.056 bln eur.

Imports rose somewhat slower, increasing by 13.4 pct year-on-year to 8.116 bln eur, the central bank said.

Source:forbes.com