Current account balance shows deficit in October

MNB

Hungary had a current account deficit of EUR 7.5 million in October, a sharp drop from a EUR 606 mln surplus in September, monthly preliminary balance of payments data from the National Bank of Hungary (MNB) showed on Friday, as reported by state news agency MTI.   

The foreign trade in goods showed a surplus of EUR 129.6 mln and the trade in services a surplus of EUR 395.7 mln in October. Both were down from September, however, falling from EUR 505 mln and EUR 595.7 mln, respectively. 

The balance of primary incomes had a deficit of EUR 416.8 mln as a EUR 240 mln surplus for net wage transfers was unchanged from September to October, but the EUR 711 mln deficit in investment incomes grew to a EUR 811.7 mln deficit in one month.

The secondary income deficit was also slightly bigger in October than September, reaching EUR 116 mln, MTI noted.

With the capital account showing only a EUR 222 mln surplus, Hungaryʼs external financing capacity fell from EUR 867 mln in September to EUR 214.4 mln in October. The financial account surplus also dropped from EUR 1.10 bln to EUR 325 mln.

Net capital transfers from the European Union amounted to EUR 224 mln in October, slightly down from EUR 261.6 mln in September.  

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 31.2 mln. EU funding owed to the government for financing pre-allocations also grew, to EUR 434 mln, added the report.

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