ING
June 12, 2026
Poland Current Account Analysis
Macro Economic IndicatorsMacro Economic IndicatorsEnergy
Poland's current account deficit widened to €1,558 million in April due to increased fuel costs and weaker terms of trade. ING expects the deficit to reach 1.6% of GDP in 2026.
Key Takeaways
- 1.Poland's current account deficit widened significantly to €1,558 million in April, exceeding consensus forecasts.
- 2.Deterioration is driven by worse terms of trade and surging fuel import costs linked to the Middle East conflict.
- 3.Despite the deficit, Poland's external imbalance remains low and is not currently impacting the zloty exchange rate.
Table of Contents
- Poland's current account deficit sharply deteriorated in April as fuel imports surged
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Authors
Leszek Kasek
Themes
Current Account DynamicsEnergy Price Impact
Regions
EuropePolandGermany