Current account Actual (Nov): CZK 6.6bn Consensus: CZK -0.3bn Previous (Oct): CZK 1.3bn The current account posted a third surplus in a row and beat expectations. Both the trade balance (CZK 11.6bn) and the balance of services (CZK 4.5bn) have worsened but stay significantly in green. We can also see that the deficit of the income balance has shrunk (to CZK -11.0bn) thanks to a lower dividend outflow in November (CZK 5.6bn). As the balance of current transfers have improved to CZK 1.5bn, it also contributed to the better C/A result. On the financial account (CZK +13.1bn) we can see somewhat lower direct investments in the country, which resulted in a worse balance of net FDIs (CZK 5.5bn). Money inflow from portfolio investments was also lower compared with the previous month. Overall, the current account surprised positively in the last few months. We estimate that the full-year 2011 deficit reached about 2 pct of GDP.