Warsaw, 13 June 2017
Balance of Payments in Poland
April 2017
Components of monthly bop are estimated based on monthly and quarterly information reported by
residents involved in transactions with non-residents, public statistics surveys as well as
administrative data sources.
This version of bop is preliminary and may be subject to further revisions.
The Current and Capital Account
Current account in April 2017 was negative and amounted to PLN 1.2 billion. It was
influenced by negative balance of primary income (PLN 6.8 billion), secondary income (PLN
0.2 billion) as well as positive balance of services (PLN 5.5 billion) and trade in goods (PLN
0.4 billion). In the corresponding period of 2016 current account balance was positive and
stood at PLN 3.0 billion. Total balance of current and capital account was positive and
amounted to PLN 0.6 billion.
In April 2017 exports of goods was estimated at PLN 64.3 billion, down by PLN 0.6 billion,
i.e. 1.0% when compared with the corresponding period of 2016. The highest decrease was
noted in exports of machinery and appliances as well as electrical and electrotechnical
equipment. Imports increased by PLN 1.1 billion, i.e. 1.8% when compared with the
corresponding period of 2016 and stood at PLN 64.0 billion. The highest increase in imports
of goods were noted in fuels and raw materials. Positive trade in goods balance stood at PLN
0.4 billion. In April 2016 it was also positive and amounted to PLN 2.1 billion.
Exports of services amounted to PLN 16.7 billion, up by PLN 1.1 billion, i.e. 7.1% when
compared with April 2016. Imports stood at PLN 11.2 billion which means an increase by
PLN 0.6 billion, i.e. 6.1%. Positive balance of services stood at PLN 5.5 billion and was
influenced by positive balance on transportation (PLN 1.9 billion), other services (PLN 2.4
billion) and travel (PLN 1.2 billion).
In April 2017, the primary income balance was negative and amounted to PLN 6.8 billion. In
the corresponding period of 2016 this balance was also negative and stood at PLN 4.7 billion.
Negative balance of primary income resulted mostly from negative balance on investment
income (PLN 7.1 billion). Foreign direct investors income on their capital involvement in
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Polish companies amounted to PLN 6.3 billion (of which: reinvested earnings amounting to
PLN 2.9 billion, dividends PLN 2.6 billion and interest on debt instruments PLN 0.8 billion).
Negative balance of investment income was also influenced by non-residents income from
portfolio investment (PLN 1.2 billion) as well as interest due to other debt instruments
reported in other investment (PLN 0.7 billion), mostly due to loans received by Polish
entities.
In the current account the inflow of EU funds (PLN 1.1 billion) was recorded mostly to
Common Agricultural Policy. In the capital account the inflow was observed against
European Regional Development Fund (PLN 0.5 billion) and against Cohesion Fund (PLN
0.2 billion). In April 2017, balance on EU transfers was positive and stood at PLN 0.3 billion.
Poland’s membership premium paid stood at PLN 1.5 billion.
Financial Account
Non-resident investment in Poland (liabilities)
In April 2017 non-residents’ investment went down by PLN 13.9 billion.
Resident’s liabilities against direct investment decreased by PLN 1.5 billion. This balance was
influenced by withdrawal of non-residents’ assets against equity, up by PLN 4.2 billion
which was not compensated by positive reinvestment of earnings standing at PLN 2.9
billion. Resident’s liabilities on debt securities went down (outflow of capital) by PLN 0.2
billion.
Balance on portfolio investment was positive and stood at PLN 4.7 billion, of which nonresident investment in Treasury bonds issued on domestic market amounted to PLN 5.4
billion, which compensated repurchase of Treasury bonds issued on external markets (PLN
1.8 billion). Non-resident investment in equity securities stood at PLN 1.0 billion net.
Balance of other non-resident investment in Poland was negative and stood at PLN 17.1
billion. This item was mostly influenced by a decrease in liabilities of NBP by PLN 14.6
billion (mainly due to repo transactions). Liabilities of the banking sector went down by PLN
4.9 billion (mostly due to currency and deposits as well as short-term loans received).
Liabilities of other sectors increased by PLN 2.4 billion (mainly due to trade credits).
Polish investment abroad (assets)
In April 2017, balance on Polish investment abroad was negative (decrease in assets) and
stood at PLN 16.1 billion.
Direct investment assets recorded a decrease (inflow of capital) by PLN 1.2 billion, mainly in
debt instruments.
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Residents, mainly investment funds, increased their external assets under portfolio
investment by PLN 0.7 billion, both in debt and equity securities.
Balance on other investment was positive and stood at PLN 0.2 billion. External assets of the
banking sector went down by PLN 0.5 billion (in currency and deposits by PLN 0.7 billion as
well as other assets PLN by 0.4 billion). Other sectors increased their assets under other
investment by PLN 0.7 billion (trade credits extended).
NBP’s own transactions and NBP client transactions resulted in a decrease in the value of
reserve assets by PLN 14.7 billion. Official reserve assets at the end of April 2017 amounted
to PLN 423.4 billion.
Additional information on the balance of payments
The balance of payments data for May 2017 will be released on 14 July 2017.
The balance of payments data for Q1 2017 as well as revised data for Q4 2016 and respective
months of these quarters will be released on 30 June 2017.
Time series of the monthly balance of payments beginning with January 2004 are available at
NBP website.
http://www.nbp.pl/en/statystyka/bilans_platniczy/bop_m.xlsx
Monthly balance of payments data will also be released in NBP’s Information Bulletin.
Time series of the monthly stock of official reserve assets beginning with January 1998 are
available at the NBP website.
http://www.nbp.pl/en/statystyka/DWN/Rez_m.xlsx
Time series of the quarterly balance of payments containing additional details beginning
with Q1 2004 are available at NBP website.
http://www.nbp.pl/en/statystyka/bilans_platniczy/bop_q.xlsx
Analytical tables of the quarterly balance of payments beginning with Q1 2004 are available
at NBP website.
http://www.nbp.pl/en/statystyka/bilans_platniczy/bop_q_PLN.xlsx
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