The November C/A deficit came in at EUR –539m versus the market consensus of EUR -190m. The weaker C/A performance emerged from a widening trade imbalance, due to lower dynamics of exports (-3% m/m growth) and stronger imports (1% m/m growth). From our perspective, this clearly shows a rebound in domestic demand, particularly since the November industrial production figure was also quite strong. On the other hand, it may also signal that the strengthening of the zloty would have a negative impact on export activity.