Actual (Aug): CZK -8.5bn
Consensus: CZK -10.0bn
Previous (Jul): CZK -3.1bn
August current account balance came out better than expected. As usually, the surprise is in the income balance - this time better thanks to smaller dividend outflow. Both trade and service balances still post surplusses thanks mainly to shrinking imports. However, we also can see a positive sign on the export side - the 8.8pct drop in August is much lower than the double-digit falls early in the year.
Thanks to the improving trade balance, we expect the current account to show a 80bn deficit in 2009 after CZK -114bn in 2008.