Hungary registered foreign financing capacity - a positive combined balance of the current account and the capital account of €272 million in Q1, the National Bank of Hungary (NBH) announced in its preliminary current account report on Tuesday.
Hungary registered a positive combined balance for the first time since 1995, the report noted, adding that trade and services balances improved with the recession and net EU transfers reached an exceptionally high €1.106 billion in the quarter.
The figure compares to an unadjusted financing requirement of €862 million in the first quarter of 2008.
On a seasonally adjusted basis, Hungary had an external financing requirement of €1.078 billion in Q1 2009, down from a downward revised €1.823 billion in Q4 2008, and down from all the other quarters of last year.
The seasonally adjusted financing requirement was 4.8% of GDP in Q1, down 1.8 percentage points from the previous quarter.
The current account deficit totalled €591 million in Q1, sharply down from €1.651bn in Q1 2008. Analysts surveyed by business daily Napi Gazdaság put the Q1 C/a deficit well below €1 billion.
The seasonally adjusted current account deficit was €1.712 billion in Q1, down from a downward revised €1.883 billion in Q4 and from a slightly upward adjusted €1.865 billion in Q3. The seasonally adjusted c/a deficit was €1.745 billion in Q1 2008.
Quarterly figures added up to a 2008 financing requirement of €7.782 billion and to a current account deficit of €8.903 billionn last year, practically unchanged from the figures reported at the end of March. (MTI-ECONEWS)