Current Account
Actual (Mar): CZK -12.6bn
Consensus: CZK 6.0bn
Previous (Feb): CZK 10.3bn
Czech current account balance turned negative after two months of surpluses. The surprising March deficit was caused by high dividend outflow and a deficit in trade in services. Income balance was CZK -27bn in March after CZK -6bn in the previous month. Balance of services posted a CZK 4bn deficit, which is very unusual for this C/A component and, in fact, it is the worst figure since the beginning of the time series. Balance of current transfers showed no surprise and balance of trade was already known (CZK +21,3bn FOB).