Poland Current Account Gap Above Expectations

Poland posted a current account gap of EUR 1698 million in December 2025, up from EUR 1427 million in the same month a year ago and larger than the expected EUR 1250 million shortfall. The goods deficit rose to EUR 2298 million from EUR 1993 million a year ago and the primary income gap increased to EUR 3114 million from EUR 3064 million. Meanwhile, the services surplus fell to EUR 3276 million from EUR 3333 million while the secondary income rose to EUR 438 million from EUR 297 million. For the full year of 2025, the country's current account reached EUR 6303 million, contrasting with a surplus of EUR 2591 million in the previous year.

Poland posted a current account gap of EUR 460 million in November 2025, up from EUR 281 million in the same month a year ago and against market estimates of a EUR 500 million surplus. The goods shortfall widened to EUR 1,087 million from EUR 930 million in November 2024, with exports and imports rising 2.7% and 3.1%, respectively. At the same time, the primary income deficit rose to EUR 2,069 million from EUR 1,891 million, reflecting a negative balance from direct investment income as well as payments on portfolio and other investments. More positively, the services surplus rose to EUR 2,906 million from EUR 2,863 million a year ago; while the secondary income gap shrank to EUR 0.21 billion from EUR 0.32 billion.

Poland’s current account surplus widened to EUR 1.92 billion in October 2025 from EUR 918 million a year earlier, well above market expectations of EUR 130 million. The goods trade balance swung back to a surplus of EUR 553 million from a EUR 333 million deficit. The services surplus increased to EUR 3.24 billion from EUR 3.16 billion. Meanwhile, the secondary income deficit narrowed sharply to EUR 38 million from EUR 239 million. In contrast, the primary income deficit widened to EUR 1.83 billion from EUR 1.70 billion.