The surplus of the Czech current account increased in April thanks to the inflow from the EU funds worth CZK 6bn and thanks to lower dividend outflow. The April trade balance was already released before, showing a significant surplus (but both exports and imports keep falling fast). In percentage of GDP terms, the current account gap reached 3.2 % in 1Q. We expect the gap to widen further to 4.3 % by the end of 2009 mainly because of a worsening performance of trade and service balance.