Export Sales at Two-year Low
The National Bank of Poland announced a 681 mln euro deficit for Poland in September. That is 140 mln euro less than predicted by analysts.
According to Dziennik the figures show how much money has entered and left Poland thanks to international trade, how much capital from foreign investment is being made and how many international money transfers both private and public are being conducted.
The positive results are mainly thanks to the increase in the EU funds. According to economists this is a positive sign as it is an indication to the rest of Europe that Poland is capable of utilizing such funds well.
The primary concern however is for the weakening export market in Poland. According to the National Bank Poland exported 9.17 bln euro worth of goods, only 8.4 percent more than it did last year. Experts predicted export sales to reach 12.7 percent. Such a small incline in export growth has not been seen since 2005.
The problem stems from the strong zloty and the worsening economic situation of Western Europe, especially in Germany, Poland’s biggest trading partner. Import on the other hand is increasing twofold. It increased by 13.9 percent in September since last year standing at 10.88 bln euro. Analysts however approximated imports to increase to 15.4 percent.
Statistics for the National Bank of Poland show that within the last 12 months there has been a 3.9 percent deficit in the GDP. This percentage may increase to 5 percent by next year. Experts assure there is no need to worry as the deficit is financed by a large degree of funds coming from stable direct investments.
In order for Poland to be able to meet Maastricht requirements and enter the euro currency system, the deficit must be less than 3 percent. National Bank President Slawomir Skrzypek warns Poland needs until 2012 if the criteria are to be met.