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Current account deficit widens

Slovakia’s deficit in its current account balance widened in April in both month-on-month and year-on-year terms, according to the National Bank of Slovakia (NBS), which reported the current account recorded a deficit of €244.8 million in April compared to €84.5 million in March, the SITA newswire reported.

Slovakia’s deficit in its current account balance widened in April in both month-on-month and year-on-year terms, according to the National Bank of Slovakia (NBS), which reported the current account recorded a deficit of €244.8 million in April compared to €84.5 million in March, the SITA newswire reported.

The country’s central bank stated that the wider deficit in April was attributed primarily to a decline in the trade surplus and partly by an increase in the deficit for services while a lower deficit in the balance for receipts as well as for current transfers had a positive influence on the overall current account balance.

In April, the trade surplus fell to €12.2 million from its level of €235.1 million in March. The balance of receipts showed the biggest deficit in April at €111.3 million while the deficit in services was €71.7 million in April. The balance of current transfers recorded a deficit of €74 million.

According to the central bank, the country’s current account balance still had a surplus over the first three months of 2011. The first quarter 2011 surplus was over €420 million higher year-on-year and €154.8 million higher than the fourth quarter of last year.

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