Czech Q3 Current Account Swings To Surplus

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The Czech Republic’s current account logged a surplus in the third quarter versus a deficit in the same period last year, data from the Czech National Bank showed on Monday.

The current account surplus was CZK 70.5 billion, while there was a deficit of CZK 61.7 billion in the same period of 2019.

In the second quarter this year, the surplus was CZK 82.5 billion.

In the third quarter, the current account surplus was 2.4 percent of the gross domestic product on an annual basis, the bank said.

The outflow of funds in the financial account totaled CZK 105.8 billion and reserve assets increased by CZK 19.9 billion.

The goods and services surplus was CZK 109.4 billion, or 5.7 percent of GDP on an annual basis, in the third quarter. The figure grew by CZK 38.9 billion due to a bigger decrease in imports of goods than in exports.

The goods surplus grew by CZK 31.9 billion and the services surplus rose by CZK 7.1 billion.

The?capital account logged a surplus of CZK 18.4 billion, and grew by CZK 12.9 billion year-on-year was due higher revenues from the EU budget recorded on the capital account.

The material has been provided by InstaForex Company – www.instaforex.com

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