Actual (February): CZK 17.1bn
Consensus: CZK 5.0bn
Previous (January): CZK -1.5bn
Current account surplus swell to CZK 17bn, while foreign trade deteriorated. EU funds make the difference. An inflow of EU funds worth of CZK 10.9bn improved C/A figures. However, they are also written into the financial account as they were converted through CNB’s foreign exchange reserves in order not to affect CZK market.
Despite positive figures in February, C/A deficit is expected to increase to 3.4% GDP in 1Q/2009 from 3.1% GDP in 4Q/2008. At the end of this year the deficit can reach 3.9% GDP.