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 2016. The decrease was mainly due to smaller number of working days in comparison with December 2016. 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 2016. 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
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
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 394.4 billion. Additional information on the balance of payments The balance of payments data for January 2018 will be released on 16 March 2018. 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 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. 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 3 / 5
Poland: Balance of Payments mn PLN 2016 2017 Cumulated data** XII XI XII I 2016-XII 2016 I 2017-XII 2017* Current Account -463 1 150-4 840-5 365 1 850 Balance on goods 217 634-5 329 12 837 2 266 Goods: exports 66 204 77 195 63 996 774 178 842 261 Goods: imports 65 987 76 561 69 325 761 341 839 995 Balance on Services 5 845 6 576 6 626 61 433 76 307 Services: Credit 18 470 20 987 20 239 196 432 221 489 Services: Debit 12 625 14 411 13 613 134 999 145 182 Balance on Primary Income -4 782-6 783-6 931-73 537-76 221 Primary income: credit 5 990 2 409 2 894 49 815 45 934 Primary income: debit 10 772 9 192 9 825 123 352 122 155 Balance on Secondary Income -1 743 723 794-6 098-502 Secondary income: credit 2 121 4 331 1 990 24 038 25 490 Secondary income: debit 3 864 3 608 1 196 30 136 25 992 Capital Account 5 439 814 11 210 19 538 25 347 Capital account: credit 5 914 882 11 273 22 655 26 830 Capital account: debit 475 68 63 3 117 1 483 Financial account 2 711-1 143 3 626-2 119 2 357 Direct investment - assets 26 547 4 178 2 705 44 727 13 212 Equity and investment fund shares 18 709 771-812 25 989 1 851 Debt instruments 7 838 3 407 3 517 18 738 11 361 Direct investment - liabilities 15 133 3 741-172 66 441 20 744 Equity and investment fund shares 9 364 6 954 4 182 42 776 25 248 Debt instruments 5 769-3 213-4 354 23 665-4 504 Portfolio investment - assets -14 501-544 -544-24 843 4 835 Equity securities -13 618-874 -446-25 847 804 Debt securities -883 330-98 1 004 4 031 Portfolio investment - liabilities -2 709 1 190 2 244-9 400 22 914 Equity securities -8 857 230-332 -10 782 4 952 Debt securities 6 148 960 2 576 1 382 17 962 Other investment - assets -2 428-684 2 598 9 545 17 334 Monetary authorities 462 0 2 995-990 General government 134-25 -96 961-45 MFIs -906-1 931 2 000 1 352 1 942 Other sectors -2 118 1 272 692 6 237 16 427 Other investment - liabilities 12 155 6 709-5 345 64 316-45 705 Monetary authorities 9 313 8 799-8 765 65 861-43 445 General government 3 057-605 -92-369 -3 096 MFIs -1 278-3 607 365-10 614-10 331 Other sectors 1 063 2 122 3 147 9 438 11 167 Financial derivatives 708-453 -614 540-4 519 Oficial reserves assets 16 964 8 000-3 792 89 269-30 552 Net Errors and Omissions -2 265-3 107-2 744-16 292-24 840 * Preliminary data ** Cumulated data presented as 12-month moving data 4 / 5
Poland: Balance of Payments mn EUR 2016 2017 Cumulated data** XII XI XII I 2016-XII 2016 I 2017-XII 2017* Current Account -106 272-1 152-1 253 346 Balance on goods 48 150-1 268 2 936 498 Goods: exports 14 920 18 253 15 232 177 498 197 836 Goods: imports 14 872 18 103 16 500 174 562 197 338 Balance on Services 1 317 1 554 1 576 14 069 17 936 Services: Credit 4 163 4 962 4 816 45 019 52 059 Services: Debit 2 846 3 408 3 240 30 950 34 123 Balance on Primary Income -1 078-1 603-1 649-16 867-17 965 Primary income: credit 1 350 570 689 11 407 10 746 Primary income: debit 2 428 2 173 2 338 28 274 28 711 Balance on Secondary Income -393 171 189-1 391-123 Secondary income: credit 478 1 024 474 5 514 5 990 Secondary income: debit 871 853 285 6 905 6 113 Capital Account 1 225 193 2 668 4 435 5 997 Capital account: credit 1 333 209 2 683 5 150 6 344 Capital account: debit 108 16 15 715 347 Financial account 610-269 866-539 515 Direct investment - assets 5 983 987 645 10 191 3 118 Equity and investment fund shares 4 217 182-193 5 899 430 Debt instruments 1 766 805 838 4 292 2 688 Direct investment - liabilities 3 412 885-42 15 217 4 826 Equity and investment fund shares 2 112 1 644 994 9 825 5 878 Debt instruments 1 300-759 -1 036 5 392-1 052 Portfolio investment - assets -3 268-129 -128-5 623 1 103 Equity securities -3 069-206 -106-5 865 171 Debt securities -199 77-22 242 932 Portfolio investment - liabilities -610 280 534-2 028 5 375 Equity securities -1 996 54-79 -2 442 1 156 Debt securities 1 386 226 613 414 4 219 Other investment - assets -547-161 618 2 214 4 045 Monetary authorities 104 0 0 226-229 General government 30-5 -23 219-10 MFIs -204-457 476 324 447 Other sectors -477 301 165 1 445 3 837 Other investment - liabilities 2 740 1 586-1 272 14 667-10 648 Monetary authorities 2 099 2 080-2 087 15 042-10 135 General government 689-143 -21-108 -724 MFIs -288-853 87-2 432-2 420 Other sectors 240 502 749 2 165 2 631 Financial derivatives 160-107 -146 116-1 064 Oficial reserves assets 3 824 1 892-903 20 419-7 134 Net Errors and Omissions -509-734 -650-3 721-5 828 * Preliminary data ** Cumulated data presented as 12-month moving data 5 / 5