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Hungary’s net external financing capacity at 5% of GDP in Q1

MNB

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Adjusted for seasonal effects, Hungaryʼs net external financing capacity - the combined surplus of the current and capital accounts - was EUR 1.352 billion or 5% of quarterly GDP in the first quarter, preliminary balance of payment data published today by the National Bank of Hungary (MNB) show, according to state news agency MTI.

The adjusted Q1 surplus was down EUR 51 million from the fourth quarter of 2016, and dropped nearly EUR 300 mln from a year earlier. The drop in both came from a shrinking trade surplus that reflected a smaller surplus in the trade of goods that was only partly offset by a rising surplus in services. 

The capital account had a seasonally adjusted EUR 228 mln surplus, compared to deficits in both Q3 and Q4 2016, and a EUR 203 mln surplus one year earlier. 

EU transfers, at EUR 242 mln, were down sharply from EUR 426 mln in the fourth quarter, but up EUR 19 mln year-on-year. 

The unadjusted net external financing capacity came to EUR 1.358 bln in the first quarter, down EUR 378 mln from the first quarter of 2016.

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