Actual (Jul): CZK -3,1bn
Consensus: CZK -6,0bn
Previous (Jun): CZK -18,8bn
Czech current account posts a smaller deficit in July thanks to smaller dividend outflow compared to the previous month. This is in part a seasonal improvement. The contribution of balance of trade in goods and services remains highly positive. Balance of current transfers is still in red similarly to the previous months and does not bring a surprise.
We expect the C/A balance to show a CZK 90bn deficit in 2009, which is better than in 2008 mainly thanks to the improved trade balance.