MNB: Hungary net external financing capacity at 8.6% of GDP in Q1

Photo by Jessica Fejos

Adjusted for seasonal effects, Hungaryʼs net external financing capacity was €2.395 billion or 8.6% of quarterly GDP in the first quarter, balance of payment data published by the National Bank of Hungary (MNB) today show, according to Hungarian news agency MTI.

The adjusted Q1 surplus was down from the fourth quarter of 2015 when it reached €2.705 bln. The Q1 surplus was up €46 million from a year earlier.

The unadjusted net external financing capacity came to €2.165 bln in the first quarter, down from €3.174 bln in the fourth quarter of the previous year.

Using adjusted figures net transfers from the European Union totaled €1.386 bln in Q1, down €306 mln from the previous quarter and down €260 mln in one year.

In terms of the unadjusted values, net primary income amounted to €294 mln and the deficit on current transfers to and from the EU was €185 mln. Funds received from the EU, recorded as capital transfers came to €382 mln.

The current account surplus reached an unadjusted €1.740 bln in Q1.

Adjusted for seasonal effects, the current account surplus came to €1.583 bln, up €249 mln in a quarter. A higher surplus for the balance of goods and services both lifted the current account surplus.

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