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Hungary current account surplus reaches €738m in Q2

Analysis

Hungary had a current account surplus of €738m in the second quarter, the National Bank of Hungary (MNB) said on Friday in its quarterly balance of payments report.

The figure was up from a surplus of €385m in Q1. The MNB revised the Q1 surplus from €787m in the previous balance of payments report.

Seasonally-adjusted data show the Q2 surplus at €606m, up from €506m in Q1.

Hungary's net external financing capacity came to €1.070bn in Q2. Adjusted for seasonal effects, the external financing capacity -- the combined surplus on the country's current and capital accounts -- was 3.3% of GDP.

The seasonally-adjusted data show the surplus of goods and services continued to grow in 2011, but at a slower pace than in previous quarters. In Q2, the surplus on goods and services continued to exceed the income account deficit, but seasonally-adjusted export revenue and import expenditures fell from the previous quarter, the MNB said.

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