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Hungary net external financing capacity at 2.8% of GDP in Q1

Adjusted for seasonal effects, Hungaryʼs net external financing capacity - the combined surpluses of the current and capital accounts - was EUR 979 million or 2.8% of quarterly GDP in the first quarter of 2019, balance of payment data published by the National Bank of Hungary on Friday show state news wire MTI reports.

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.