Warsaw (Puls Biznesu) – In July, imports grew much more than exports. Economists calm down that it doesn’t necessarily have to happen again.
The current account deficit amounted to EUR 794m in July and was four times higher than analysts had expected.
“The data is an unpleasant surprise, first of all because of imports which were over EUR 760m bigger than exports”, Lukasz Tarnawa, PKO BP chief economist commented.
In effect, imports dynamics amounted to 27.3 percent year on year. Exports grew 10 percentage points less and amounted to 17.3 percent.
“If we observe similar data in upcoming months, it means that the domestic demand supports the imports. If the trend continues we may expect an increase of the deficit against the GDP. For the time being, however, the situation is good”, Lukasz Tarnawa believed.
So did investors. Poor data did not adversely affected the Polish currency – zloty.
Analysts say that the data will not necessarily be similar in the future.
“We have had periods of one-time jumps of both imports and exports in recent years. There was nothing special about it. Besides, the exports and imports data change substantially in the course of the year, e.g. the exports dynamics fluctuated in the 12-32 percent range this year”, Marcin Mroz, Fortis Bank economist said.