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Trade of business services shows €460 mln deficit in 2005

Hungary's export of business services totaled €3.554 billion in 2005, 27.6% more than a year before. The imports of these services rose 24.4% from 2004 to €4.014 billion in last year, the Central Statistics Office (KSH) announced on Monday.

The trade of business services showed a deficit of €460million in 2005. The deficit was due to trade with the EU-15 countries where Hungary's exports of business services rose 19.5% to €1.927 billion and their imports rose 18.6% to € 2.459 billion in 2005, giving a deficit of €532 million. Trade with the other new EU-members showed also a slight deficit, of €19 million as exports of business services to these countries rose 5.9% to €211 million while imports surged 44.8% to € 230 million. KSH started publishing accrual-based quarterly figures on business services in March 2005.The KSH figures are also used in the current account statistics of the National Bank of Hungary which will publish its first current account estimate for 2005 on March 31.