Poland Current Account Gap Higher-than-Expected

Poland recorded a current account deficit of €2419 million in July 2026, the largest since February 2022, widening from the revised €1780 million in the same month a year ago. Figures came above market estimates of a €2341 million shortfall. The goods deficit jumped to €1843 million from €1063 million in July 2025, with imports climbing by 13% and exports rising at a slower 10%. At the same time, the secondary income gap went up to €307 million from €78 million, while the services surplus decreased to €2722 million from €3110 million. On the other hand, the primary income gap narrowed to €2944 million from €3749 million.

Poland recorded a current account deficit of €2,216 million in June 2026, the largest since August 2025, widening from the revised €445 million in the same month a year ago. Figures came above anaysts' estimates of a €764 million shortfall. The goods deficit jumped to €1,469 million from €133 million in June 2025, with imports climbing by 16.9% and exports rising at a slower 12.3%. At the same time, the primary income gap rose to €4,444 million from €3,998 million; and the secondary income went up to €203 million from €153 million. On the other hand, the services surplus increased slightly to €3,900 million from €3,839 million.

Poland posted a current account gap of €1,071 million in May 2026, narrowing from €1,168 million a year earlier and coming in below market expectations of a €1,674 million deficit. The goods shortfall shrank to €1,182 million from €1,637 million in May 2025, as the rate of increase in exports (+5.5%) outpaced that of imports (+3.7%). At the same time, the services surplus rose slightly to €3,379 million from €3,361 million, mainly due to positive balances in other services and transport services. On the other hand, the primary income deficit widened to €3,160 million from €2,843 million, largely driven by income from foreign direct investors arising from their equity investments in Polish entities. The secondary income gap went up to €108 million from €49 million, driven by the government sector’s negative balance, despite favorable developments in other sectors.