Poland: C/A surplus improves

The Polish current account surplus grew to EUR207m in May – mostly on the back of lower imports and an improvement in the income balance. Polish inflation inched down to 3.5% y/y in June from 3.6% y/y in May. The Polish current account surplus grew to EUR207m in May, up from a surplus of EUR147m in April. This was better than the consensus expectation of a surplus of EUR45m and our forecast of EUR120m. The improvement in the current account was driven more or less evenly by a drop in imports