Hungarian quarterly current-account deficit narrows on services

MNB

Hungary's current-account deficit narrowed in the Q3 from the previous three-month period as the deficit on services and income shrank.

The deficit was €1.13 billion ($1.49 billion), compared with a revised €1.48 billion in the Q2, the Budapest-based central bank said today. The shortfall compares with €1.84 billion in the year-ago period. Hungary has pledged to cut the current account deficit to 5.9% of gross domestic product next year from an estimated 7.9% this year, under plans backed by the European Union. By the end of the government's term in 2010, Prime Minister Ferenc Gyurcsány wants to cut the gap to about 3% of GDP. Hungary's current account shortfall was 7.9% of gross domestic product last year, compared with 0.3% in the dozen countries using the euro. The Q2 balance improved as the trade deficit, its main component, narrowed. The trade deficit was driven by rising exports. Hungary's deficit on goods traded widened to €291 million from a revised €50 million, as exports fell to €14.1 billion from €14.4 billion and imports were unchanged at €14.4 billion. The deficit on services and income shrank to €915 million from €1.41 billion in the Q3. (Bloomberg)

ADVERTISEMENT

Karotin Developing Soil Management System in HUF 545 mln R&D... Land

Karotin Developing Soil Management System in HUF 545 mln R&D...

Parliament Negates Mandatory Membership in MOK Parliament

Parliament Negates Mandatory Membership in MOK

Graphisoft Introduces Archicad Collaborate Construction

Graphisoft Introduces Archicad Collaborate

Service Restarted on Full Length of Metro Line M3 City

Service Restarted on Full Length of Metro Line M3

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.