On Tuesday, the National Bank of Poland published statistics on Poland's current account. This is a summary of all financial transactions between Poland and the rest of the world that do not directly involve long-term investments (such as the purchase of factories or shares). It consists mainly of the trade balance, i.e. the difference between the value of the goods we exported and those we imported into the country.
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The value of Poland's current account deficit in the third quarter reached PLN 18 billion. This result is PLN 4.8 billion worse compared to the same period in 2024.
The deficit of PLN 18 billion means that more money flowed out of Poland during this period than it received from the sale of goods, services or payment of wages. This situation most often results from the fact that as a country we buy more abroad (e.g. raw materials or cars) than we sell our own products there.
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Although a negative result may be disturbing, in a stable economy it is usually offset by the inflow of foreign investment or financial capital.
Polish current account. New, detailed NBP data
As indicated by the National Bank of Poland, this result was influenced by: “positive balances on services (PLN 42.4 billion) and secondary income (PLN 1.2 billion) and negative balances on primary income (PLN 44.5 billion) and goods turnover (PLN 17.1 billion)“.
During the analyzed period, exports increased by 2.5%. year to year “It was the first real increase in exports after nine consecutive quarters of declines. The export of other consumer goods increased the most, especially clothing, footwear and video game consoles,” the bank said.
The value of imported goods increased by 2.5%. year to year. This is the fifth quarter of growthalthough the dynamics was lower than in the previous quarters. “The slowdown was due, on the one hand, to weaker volume growth and, on the other hand, to the halting of the upward trend in transaction prices,” NBP said.
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The NBP report shows that For the sixth quarter in a row, the balance of trade in goods remained negative, and the deficit in the third quarter amounted to PLN 17.1 billion and was the largest since 2022.
In the case of trade in services, exports of Polish entities amounted to PLN 126.1 billion, and the value of purchased services amounted to PLN 83.7 billion.
Revenues from primary income amounted to PLN 19.8 billion (a decrease by PLN 1.5 billion), and from secondary income – PLN 15.8 billion.
In turn, the balance of the financial account was negative and amounted to PLN 13.4 billion, which means a decrease in Poland's net foreign assets. In the period in question, the balance of direct investment transactions was positive and amounted to PLN 10.5 billion. This was due to the inflow of capital due to, among others, shares (PLN 22.1 billion) and capital outflow in the form of debt instruments (PLN 11.6 billion).
Poland's foreign debt. New NBP data
On Tuesday, NBP also provided calculations regarding the level of Poland's foreign debt after the third quarter of 2025. It amounted to PLN 1 trillion, 936 billion, 583 million.
The debt of the government sector was PLN 589 billion and PLN 35 million. Compared to the second quarter, it increased by almost PLN 10 billion.
