Current account
Actual (Dec): CZK -11,3bn
Consensus: CZK -7,0bn
Previous (Nov): CZK -1,6bn
Actual (2009): CZK -25,4bn
Previous (2008): CZK -114bn
December current account balance came out slightly below consensus. However, the yearly gap shrank significantly and showed the best result in 15 years. Behind this improvement, there is a record surplus of trade balance, reaching CZK 153bn in 2009. Balances of other C/A components were roughly similar to the previous years.
We expect the current account to show even better result in 2010, when it may post a slight surplus. However, the outlook may be revised after detailed GDP data are released. Today, preliminary 4Q GDP figures have showed a surprising contraction of the economy.