Poland's current account surplus likely in May

EU funds inflow is supportive again as Poland received €1,113bn in current transfers according to MinFin data. 

"A current account surplus is estimated at around €890m in May. On the trade account a minor surplus of €22m is expected due to a decrease in export orders (-4.5% mom in May) but with still positive exports growth of 9.5% yoy", forecasts Societe Generale. 

This should impact the primary income account and it is likely there will be a minor deficit (-€53m vs historical average deficit of -€1031m). Also, other components should contribute to a high and positive CA balance.

"A surplus on the services account of around €850m and a surplus of around €70m on the secondary income account", added Societe Generale.