C/A (Jul): CZK -11.5bn
Consensus: CZK -12.0bn
Previous (Jun): CZK -6.8bn
The current account balance came out in line with expectations. Both the trade balance (CZK 11.9bn) and the balance of services (CZK 5.0bn) posted very good surpluses. However, this was already indicated by the figures released last week. The income balance remains significantly in red, showing a 25 billion deficit, including a 16,5 billion worth dividend outflow. The balance of current transfers was also negative, influenced by flows from the CR to the EU budget.
On the financial account, the balance of FDIs was positive by CZK 16.7bn, helped by reinvested earnings of foreign companies worth CZK 10bn. The flow from the portfolio investments was also positive (CZK 15.1bn) as local subjects were selling foreign securities.