Continuation of Poland's current account deficit likely for August

In the trade account, a deficit of €401m is expected resulting from a decrease in export orders (10.8% mom). The EU funds inflow likely had a neutral effect, as Poland received €212m in current transfers, according to MinFin data. Going by this, there should be a deficit in the primary income account of around -€1,144m. Also, there will likely be a surplus in the services account of around €617m and a deficit of €114m in the secondary income account.

"We estimate a current account deficit of around -€1,042m for August", says Societe Generale.