Balance of Payments in Poland November 2016

Transcription

1 Warsaw, 13 January 2017 Balance of Payments in Poland November 2016 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 The current account in November 2016 was negative and amounted to PLN 1.9 billion. The negative balance of the current account was influenced by negative balances on primary income (PLN 6.1 billion), secondary income (PLN 0.5 billion) as well as positive balance of services (PLN 4.3 billion) and trade in goods (PLN 0.4 billion). In the corresponding month of 2015 current account was positive and stood at PLN 0.1 billion. The total balance of the current and capital account was positive and amounted to PLN 2.1 billion. In November 2016 exports of goods were estimated at PLN 69.9 billion, while imports were estimated at PLN 69.5 billion. Exports increased by PLN 5.1 billion, i.e. 7.9%, while imports increased by PLN 6.2 billion, i.e. 9.8% when compared with the corresponding period of The positive trade in goods balance stood at PLN 0.4 billion. In November 2015 it was also positive and amounted to PLN 1.5 billion. Exports of services was estimated at PLN 17.6 billion, up by PLN 1.8 billion, i.e. 11.5% when compared with November Imports stood at PLN 13.3 billion, which means an increase of PLN 1.4 billion, i.e. 11.8% when compared with the corresponding period of The positive balance of services stood at PLN 4.3 billion and was influenced by the positive balance on transportation (PLN 1.8 billion), other services (PLN 1.3 billion) and travel (PLN 1.2 billion). In November 2016, the primary income balance was negative and amounted to PLN 6.1 billion. In the corresponding period of 2015 this balance was also negative and stood at PLN 5.4 billion. The negative balance of primary income resulted mostly from the negative balance on the investment income (PLN 6.3 billion). The negative balance 1 / 5

2 of investment income was driven by foreign direct investors income on their capital involvement in Polish companies amounting to PLN 5.5 billion (of which: reinvested earnings amounted to PLN 3.2 billion, dividends PLN 1.5 billion, and interest on debt instruments PLN 0.8 billion). The 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, mainly against the Common Agricultural Policy, stood at PLN 0.5 billion. In the capital account, the inflow of EU funds against the European Regional Development Fund and the Cohesion Fund amounted to PLN 4.1 billion. In November 2016, the balance on EU transfers was positive and stood at PLN 3.0 billion. Financial Account Non-resident investment in Poland (liabilities) In November 2016 non-residents investment decreased by PLN 11.9 billion as a result of outflow of capital from portfolio and other investments. Resident s liabilities against direct investment increased by PLN 0.8 billion. This balance was influenced by positive reinvestment of earnings standing at PLN 3.2 billion and fully were compensated by the outflow of capital from debt instruments (PLN 1.8 billion) and from shares and other equity (PLN 0.6 billion). During the analysed period the balance on portfolio investment was negative and stood at PLN 8.6 billion. The net outflow of capital registered in debt securities, mainly Treasury bonds issued in the domestic market, stood at PLN 7.7 billion. Non-resident also decreased their involvement in equity securities (by PLN 0.8 billion). The balance of other non-resident investment in Poland was negative and stood at PLN 4.2 billion. This item was mostly influenced by a decrease of PLN 5.0 billion in the liabilities of NBP (mainly due to repo transactions). The liabilities of the banking sector decreased slightly by PLN 0.7 billion (mainly due to non-resident loans received). At the same time the enterprise sector and the general government sector increased their liabilities by PLN 1.0 billion (mostly due to trade credits) and PLN 0.5 billion (due to loans received from international organisations) respectively. Polish investment abroad (assets) In November 2016, the balance on Polish investment abroad was negative (decrease in assets) and stood at PLN 7.0 billion. Direct investment assets decreased (an inflow of capital) by PLN 2.5 billion. It resulted both from decreased in receivables from debt securities in the amount of PLN / 5

3 billion as well as the withdrawal of residents from investment in shares and other equity (PLN 1.3 billion). Residents decreased their assets under portfolio investment by PLN 0.8 billion, both in equity securities and debt securities. The negative balance of other investment (decrease in assets) amounted to PLN 0.8 billion. The biggest decline was observed in the enterprise sector (PLN 1.8 billion), which was not compensated for by the increase in assets in the banking sector and NBP (PLN 0.5 billion each). NBP s own transactions and NBP client transactions resulted in a decrease in the value of reserve assets by PLN 3.3 billion. Official reserve assets at the end of November 2016 amounted to PLN billion. Additional information on the balance of payments The balance of payments data for December 2016 will be released on 13 February The time series of the monthly balance of payments beginning with January 2004 are Monthly balance of payments data will also be released in NBP s Information Bulletin. The time series of the monthly stock of official reserve assets beginning with January 1998 are The time series of the quarterly balance of payments beginning with Q are Analytical tables of the quarterly balance of payments beginning with Q are 3 / 5

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