Current account surplus jumps to €866 mln in September

Hungary's current account surplus reached €866 mln in September, data published by the National Bank of Hungary on Friday shows. The monthly surplus, which means Hungary is owed more than it owes, rose sharply from €264 mln in August and €374 mln in July.

The monthly surpluses add up to a preliminary €1.50 bln surplus for the third quarter, which is sharply up from €1.07 bln in the first and €809 mln in the second quarter and is in line with (just €61 mln less than) the surplus a year earlier. The Q3 trade surplus was little changed, reaching a preliminary €2.39 bln, as a fall in the surplus on the trade of goods was offset by a rise in the services surplus.

The monthly figures indicate a slowdown in the utilization of EU monies in September when the inflow slowed from an outstanding €560 mln in July and from nearly €550 mln in August to €414 mln. Still the Q3 net EU transfers, at €1.40 bln, exceeded those of the previous two quarters and were about €400 mln up in one year. The bulk of the rise was in capital transfers, which reached €1 bln in the quarter. Net transfers from the EU slightly exceeded €3.4 bln, the monthly figures suggest.

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