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UPDATE - Hungary current account surplus reaches €738m in Q2

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

The combined surplus of trade of goods and services continued to rise in Q2, according to both unadjusted and adjusted figures, and still exceeded the deficit on income transfers, as has been the case since Q2 2009.

Seasonally-adjusted export revenue and import expenditures fell from the previous quarter, the MNB said.

The central bank noted that revisions of data on trade in goods and travel by the Central Statistics Office (KSH) affected the balance of payments data, knocking the equivalent of 1.6% of GDP off the current account balance for Q1 2011 and 1.0% off the balance for the full year of 2010.