The adjusted external surplus more than doubled from the fourth quarter of 2018 but was down by a fifth from a year earlier. 

The rising surplus mainly reflected a rise of net European Union transfers, the report said. These transfers reached EUR 948 mln in Q1, including EUR 887 mln capital transfers.

All but EUR 59 mln of the adjusted external financing surplus came from the capital account. The current account was back in the black in Q1 after long-seen deficits in the previous two quarters.