Slovakia’s current account balance at a surplus in May

SLOVAKIA’S current account balance of payments showed surplus again in May. According to the preliminary data of the National Bank of Slovakia (NBS) the balance was €149 million in the black, compared to the revised April surplus of €57 million. During the first five months of the year, the cumulative current account balance of payments reached €699 million, the SITA newswire reported on July 29.

SLOVAKIA’S current account balance of payments showed surplus again in May. According to the preliminary data of the National Bank of Slovakia (NBS) the balance was €149 million in the black, compared to the revised April surplus of €57 million. During the first five months of the year, the cumulative current account balance of payments reached €699 million, the SITA newswire reported on July 29.

The driving force of the current account surplus was again the trade balance. In May, it was positive at €467 million, up by nearly €160 million compared to April. The trade balance surplus thus increased despite the ongoing year-on-year drop in exports. Imports slightly declined, too. The exports dropped by 2.7 percent y/y to €5.512 billion in May, while imports dropped by 0.1 percent y/y to €5.047 billion, NBS data showed.

Regarding the remaining components of the current account, only balance of services was positive at just €15 million, which is by €19 million more than last year. The deficit of receipts moderately shrank from €210 million in April to €199 million in May. On the other hand, the balance of current transfers posted a worse result by €98 million and was negative at €134 million, as reported by SITA

Source: SITA

Compiled by Radka Minarechová from press reports

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