Poland posted a current account deficit of €57 million in September, using up some of August's €124 million surplus, but still beating analyst expectations, the National Bank of Poland has revealed.

September's figure was a massive improvement on last year's corresponding amount, which came in at €2.05 billion.

Although the data is only preliminary, the result beat analyst forecasts of €489 million.

The central bank also said the September foreign trade balance showed a €4 million deficit compared with a revised €348 million deficit in August.

Exports fell 17.1 percent y/y in September, to €9.41 billion – smaller than the 20.8 percent annual fall seen in August.

Imports also declined at a slower pace than in the previous month, slowing by 26.4 percent on the year, to €9.42 billion, compared to August's 27.8 percent decrease.

“The data shows that exports were the main driving force behind Poland's GDP growth in the third quarter,” Bank BPH said in a research note.

The bank forecasts that the full-year current account deficit will fall to 1.0 percent of GDP in 2009. (JJ)

Source: Dow Jones