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Hungarian non-financials remain net lenders in 2012

Hungarian non-financial companies had net financing capacity of HUF 766 billion, or 2.7% of GDP, in 2012, the National Bank of Hungary (MNB) reported on Tuesday. The companies were net lenders for the fourth consecutive year last year. They shifted from an earlier net borrowing position due to the onset of the global financial and economic crisis in 2009. Net financing capacity rose from 2.0% of GDP recorded both in 2010 and 2011. In the fourth quarter alone, non-financial businesses had net financing capacity of HUF 213 billion, or 2.8% of the quarter's GDP. The quarterly net lending ratio dropped gradually from 5.2% in Q2 and 3.7% in Q3. In Q1 last year, businesses were net borrowers to the tune of 1.2% of quarterly GDP, for the first time in one year.