Poland’s current account deficit narrows on early EU farm payments - ING Think

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Poland’s September current account deficit narrowed to €0.8bn, helped by early EU farm subsidies. Services remained strong, but net exports likely weighed on 3Q26 GDP growth. We forecast the deficit at 1.5% of GDP in 2026 and 1.9% in 2027 The current account balance was surprisingly strong in September at -€0.8bn (our forecast: -€2.4bn; consensus: -€2.5bn), compared with -€3.5bn in August this year and -€0.9bn in September 2025. As a result, the current account deficit narrowed to 1.3% of GDP on a rolling 12-month basis, from 1.4% of GDP in August. Nevertheless, the goods trade deficit widened in August on the same basis to 1.6% of GDP, from 1.5% of GDP a month earlier.