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2016 net external financing capacity revised up in 2nd reading

MNB

Hungaryʼs net external financing capacity - the combined surplus of the current and capital accounts - came to EUR 6.23 billion last year, down from EUR 8.84 bln in 2015, a second reading of 2016 figures published by the National Bank of Hungary (MNB) shows, according to Hungarian news agency MTI.

The 2016 full-year financing surplus was revised up by EUR 140 million from a first reading of quarterly figures published in March. 

The revisions left the trade surpluses unchanged, but raised primary incomes significantly and reduced secondary income to a lesser extent. On the whole, the 2016 current account surplus came in EUR 618 mln higher at EUR 6.14 bln, up sharply from EUR 3.69 bln in 2015. 

At the same time, net capital transfers from the European Union were revised down by EUR 523 mln, nearly halved from the first reading to EUR 535 mln, cutting the 2016 overall capital account surplus by EUR 478 mln to EUR 91 mln. 

The capital account surplus dropped from EUR 5.14 bln in 2015 to the lowest level since 2005, the first full year following Hungaryʼs accession to the EU. Net capital inflow from the EU peaked with the deadline to draw on funding for the 2007-2013 EU funding period, at EUR 5.27 bln in 2015, and dropped with the lull that followed to the lowest level since 2006. 

The significant revisions reflect data corrections by data providers, the MNB said.

The MNB will publish revised figures for the years 2014-2016 when publishing a first reading of Q2 balance of payment figures on September 20.

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