Actual (Jan): CZK 14.2bn Consensus: CZK 8.5bn Previous (Dec): CZK -16.3bn The current account posted the best result since February 2011 thanks to a record trade balance surplus and no dividend outflow. The trade surplus reached CZK 19.4bn and the balance of services added CZK 3.8bn to the C/A balance. On the other hand the income balance remains negative (CZK -5.0bn), but the gap is the narrowest in nearly two years thanks to no dividend outflow in January. The balance of current transfers was also negative (CZK -4.0bn) due to payments to the EU budget. The net FDIs shrank to CZK 7.3bn from over 20 billion in December. The foreign investments are mostly driven by reinvested earnings. Money inflow from the portfolio investments was also positive, although smaller than a month before. The 2011 C/A balance was revised to CZK -109.1bn or -2.9 pct of GDP.