Balance of Payments in Poland December 2017

Transcription

1 Warsaw, 13 February 2018 Balance of Payments in Poland December 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 December 2017 was negative and amounted to PLN 4.8 billion. It was influenced by negative balance of primary income (PLN 6.9 billion) and trade in goods (PLN 5.3 billion), as well as positive balance in services (PLN 6.6 billion) and secondary income (PLN 0.8 billion). In the corresponding period of 2016 current account balance was negative and stood at PLN 0.5 billion. Total balance of current and capital account was positive and amounted to PLN 6.4 billion. In December 2017 exports of goods was estimated at PLN 64.0 billion, down by PLN 2.2 billion, i.e. 3.3% when compared with the corresponding period of The decrease was mainly due to smaller number of working days in comparison with December The highest decrease affected exports of companies belonging to international groups which has been observed in a decrease of sale of passenger s cars, television sets and household appliances abroad. Value of imports when compared with December 2016 was higher by PLN 3.3 billion i.e. 5.1% and stood at PLN 69.3 billion. This increase was smaller than in the previous months due to above mentioned smaller number of working days. Single significant transactions purchase of airplanes and increased deliveries of oil more than compensated the decrease in the value of imports in part of the product groups. Trade in goods deficit stood at PLN 5.3 billion. In December 2016 trade in goods balance was positive and amounted to PLN 0.2 billion. Exports of services amounted to PLN 20.2 billion, up by PLN 1.8 billion, i.e. 9.6% when compared with December Imports stood at PLN 13.6 billion which means an increase by PLN 1.0 billion, i.e. 7.8%. Positive balance of services stood at PLN 6.6 billion and was influenced by positive balance on other services (PLN 2.8 billion), travel (PLN 2.0 billion) and transportation (PLN 1.8 billion). 1 / 5

2 In December 2017, the primary income balance was negative and amounted to PLN 6.9 billion. In the corresponding period of 2016 this balance was also negative and stood at PLN 4.8 billion. Negative balance of primary income resulted mostly from negative balance on investment income (PLN 6.3 billion). Foreign direct investors income on their capital involvement in Polish companies amounted to PLN 5.7 billion (of which: reinvested earnings amounting to PLN 3.0 billion, dividends PLN 1.5 billion and interest on debt instruments PLN 1.2 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 0.8 billion), mostly due to loans received by Polish entities. Inflow of EU funds stood at PLN 11.9 billion of which PLN 0.7 billion affected the current account under Common Agricultural Policy and European Social Fund. The inflow in the capital account stood at PLN 11.2 billion, mainly under European Regional Development Fund (PLN 6.0 billion) and Cohesion Fund (PLN 5.2 billion). The significant portion of December premium was paid in November 2017 (in December 2017 PLN 0.3 billion of membership premium was paid). The balance of transfers with the EU was positive and stood at PLN 11.6 billion. Financial Account Non-resident investment in Poland (liabilities) In December 2017 non-residents investment in Poland went down by PLN 3.3 billion. Non-residents direct investment decreased by PLN 0.2 billion. This balance was mainly influenced by decrease in residents liabilities against debt instruments which went down by PLN 4.4 billion. This decrease was not compensated by positive reinvestment of earnings standing at PLN 3.0 billion and increase of residents liabilities against equity in the amount of PLN 1.2 billion. Balance on portfolio investment was positive and stood at PLN 2.2 billion. Balance of debt securities was positive amounted to PLN 2.6 billion. During the discussed period nonresidents invested PLN 3.5 billion in Treasury bonds nominated in Polish zloty. At the same time non-residents sold PLN 0.9 billion in bonds issued by the banking system. Non-resident investment in equity securities decreased by PLN 0.3 billion. Balance of other non-resident investment in Poland decreased by PLN 5.3 billion. Liabilities of NBP went down by PLN 8.9 billion (mostly due to repo transactions). Liabilities of other sectors against other investment net increased by PLN 3,1 billion (mainly other loans received). The banking sector increased its liabilities by PLN 0.4 billion. Polish investment abroad (assets) Balance on Polish investment abroad was positive (increase in assets) and stood at PLN 0.4 billion. 2 / 5

3 Direct investment assets recorded an increase (outflow of capital) by PLN 2.7 billion, mainly in debt instruments. Residents decreased their external assets under portfolio investment by PLN 0.5 billion, above all withdrawing from investment into equity securities (PLN 0.4 billion). Balance on other investment was positive and stood at PLN 2.6 billion. This balance was influenced by an increase in external assets of the banking sector up by PLN 2.0 billion, mainly in the form of currency and deposits in banks abroad (PLN 1.5 billion). Increase was reported in the assets of other sectors, up by PLN 0.7 billion. NBP s own transactions and NBP client transactions resulted in a decrease in the value of reserve assets by PLN 3.8 billion. Official reserve assets at the end of December 2017 amounted to PLN billion. Additional information on the balance of payments The balance of payments data for January 2018 will be released on 16 March Time series of the monthly balance of payments beginning with January 2004 are available at NBP website. Monthly balance of payments data will also be published 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. Time series of the quarterly balance of payments containing additional details beginning with Q are available at NBP website. Analytical tables of the quarterly balance of payments beginning with Q are available at NBP website. 3 / 5

4 Poland: Balance of Payments mn PLN Cumulated data** XII XI XII I 2016-XII 2016 I 2017-XII 2017* Current Account Balance on goods Goods: exports Goods: imports Balance on Services Services: Credit Services: Debit Balance on Primary Income Primary income: credit Primary income: debit Balance on Secondary Income Secondary income: credit Secondary income: debit Capital Account Capital account: credit Capital account: debit Financial account Direct investment - assets Equity and investment fund shares Debt instruments Direct investment - liabilities Equity and investment fund shares Debt instruments Portfolio investment - assets Equity securities Debt securities Portfolio investment - liabilities Equity securities Debt securities Other investment - assets Monetary authorities General government MFIs Other sectors Other investment - liabilities Monetary authorities General government MFIs Other sectors Financial derivatives Oficial reserves assets Net Errors and Omissions * Preliminary data ** Cumulated data presented as 12-month moving data 4 / 5

5 Poland: Balance of Payments mn EUR Cumulated data** XII XI XII I 2016-XII 2016 I 2017-XII 2017* Current Account Balance on goods Goods: exports Goods: imports Balance on Services Services: Credit Services: Debit Balance on Primary Income Primary income: credit Primary income: debit Balance on Secondary Income Secondary income: credit Secondary income: debit Capital Account Capital account: credit Capital account: debit Financial account Direct investment - assets Equity and investment fund shares Debt instruments Direct investment - liabilities Equity and investment fund shares Debt instruments Portfolio investment - assets Equity securities Debt securities Portfolio investment - liabilities Equity securities Debt securities Other investment - assets Monetary authorities General government MFIs Other sectors Other investment - liabilities Monetary authorities General government MFIs Other sectors Financial derivatives Oficial reserves assets Net Errors and Omissions * Preliminary data ** Cumulated data presented as 12-month moving data 5 / 5