Actual (Sep): CZK -18.55bn
Consensus: CZK -14.0bn
Previous (Aug): CZK -18,1bn
The September current account balance is worse than expected despite the positive surprise in foreign trade. Once again, the reason was a significant dividend outflow (worth CZK 23.6bn) weighing on the income balance. The Jan-Sep deficit of this C/A component is CZK 213bn, more than in the previous year. Also the balance of services remains deep in red. The September figures provide more evidence that the external balance is worsening. This year, the full-year deficit is likely to reach 2.2 pct of GDP after 1.0 pct in 2009. But still, this is not a dangerous level for the Czech economy.
The CZK was uninspired by the C/A figures.