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Hungary c/a surplus reaches €519 mln in Q2

Hungary's current-account surplus came to €519 million in the second quarter of 2012, the National Bank of Hungary said in a first reading on Friday.

Adjusted for seasonal effects, the Q2 surplus came to €367 million.

The MNB revised the Q1 c/a balance to a €7 million deficit from a preliminary €186 million in the data. It revised the seasonally-adjusted figure to a €1 million surplus from a €117 million surplus in the first reading.

The MNB revised the c/a surplus for 2011 to €910 million from the earlier €1.416 billion, citing a revision of the VAT resident adjustment. Based on definitive data on 2011, VAT residents that have no sales transactions with Hungarian residents have been completely excluded from data on trade in goods, the MNB explained. As a result, the surplus in trade in goods for 2011 was revised downward by €664 million from the preliminary estimate.

Hungary's net external financing capacity came to €975 million in Q2, up from €326 million in the previous quarter and from €788 million in the same period a year earlier.

Adjusted for seasonal effects, the net external financing capacity was €857 million , or 3.6% of GDP, in Q2, 1.1 percentage point higher than in the previous quarter.

Unadjusted net current transfers from the European Union reached €299 million in Q2. Net capital transfers from the EU came to €472 million.

The seasonally-adjusted data show the surplus of goods and services reached €1.900 billion in Q2. The surplus of goods came to €1.172 billion and the surplus of services was €755 million.