Czech Balance of Payments
Komentář
Investiční bankovnictví KB
    The FX market had been afraid of high current account deficit again and low FDI inflow before the released the data. The expectations were not 100% fulfilled. The current account deficit of CZKbn 18.2 was in line with market consensus. The foreign trade has been improving on a year-on-year basis mainly thanks to stronger external demand and the EU membership, which makes it easier for Czech companies to enter European markets. However, growing deficit in income balance, especially thanks to profit repatriations, more than compensates for the positive trend in foreign trade. The Czech economy has been growing, which should lead to higher profits and stronger repartitions in the future. The income balance deficit reached CZKbn 17.1, which is, after July’s high, the second worst result in history.
   
    The positive news, if we look to headline figures, came from the financial account as the biggest inflow of FDI was recorded since the data started to be published on a monthly basis (in January 2003). While FDI out-flew in July (after repatriations adjustment), we saw a huge inflow of CZKbn 18.9 in August (CZKbn 12.8 after repatriations adjustment). Nevertheless, only the coming months will show whether it was merely a compensation for the July drop or a new trend in FDI inflows.
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