After the trade balance showed a record surplus in March, it is not surprising that the current account posts a better result than the (not updated) consensus. The high surplus on the trade balance (CZK 13bn) was the main positive contribution to the C/A, ahead of the surplus on the balance of services (CZK 4.5bn). Moreover, the deficit on the income balance was not very big (CZK -13bn) as dividend outflow reached CZK 8.3bn. Unlike the previous month, the balance of current transfers was slightly in red (CZK -1.9bn).
FDIs reached CZK 17bn in March, significantly above the previous month´s reading. On the other hand, there was a big money outlow connected to portfolio investments and the overall surplus of the financial account is therefore low (CZK 3.7bn), in a repeat of previous month.
Actual (Mar): CZK 2.7bn
Consensus: CZK -9.0bn
Previous (Feb): 16.0bn