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Current account surplus up in Q4

Hungary had a current account surplus of EUR 884.7 million in the fourth quarter of 2017, up from EUR 805.8 mln in Q3, state news wire MTI-Econews calculated from preliminary balance of payments data released by the National Bank of Hungary (MNB) on Wednesday.   

Hungary had a current account surplus of EUR 501.3 mln in December 2017, up from a EUR 391 mln surplus in November, preliminary monthly data show, according to MTI.

The foreign trade of goods showed a deficit of EUR 3.7 mln, but the trade of services had a surplus of EUR 528.4 mln in December. The surplus in the trade of services was slightly up, but the deficit in the trade of goods compares to a EUR 403 mln surplus in November.  

The balance of primary incomes saw a deficit of EUR 470.6 mln, as a EUR 225.5 mln surplus in net wage transfers could not balance out a EUR 795 mln deficit from investment incomes.

Secondary income showed a surplus of EUR 447.2 mln in December, following deficits above EUR 100 mln in both November and October.

With the capital account showing a EUR 246 mln surplus, Hungaryʼs external financing capacity rose to EUR 747.4 mln in December, up from EUR 667 mln in November.

The financial account meanwhile showed a deficit of EUR 216 mln in December, in contrast to surpluses in the previous two months.

Net capital transfers from the European Union amounted to EUR 281.5 mln in December, slightly down from EUR 277.7 mln in November.

The monthly financial account for "other government receivables" shows that funding transferred from Brussels to the government, but not yet transferred further to ultimate recipients, grew by EUR 25.8 mln. EU funding owed to the government for financing pre-allocations fell EUR 1.039 bln as the EU forwarded funds.

In the fourth quarter, the balance of goods and payments had a surplus of EUR 1.968 bln, down from EUR 2.236 bln in Q3. The deficit in primary incomes stood at EUR 1.285 bln, compared to EUR 1.192 bln earlier.

The capital account surplus increased to EUR 744 mln in Q4, up from EUR 297.3 mln in Q3. The financial account surplus also rose to EUR 542.6 mln, up from EUR 171.2 mln. 

Hungaryʼs external financing capacity for the last three months of the year stood at EUR 1.628 bln, up from EUR 1.103 bln in Q3.