Hungary current-account almost in balance in Q1
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Hungary had a current-account surplus of just 2 million euros in the first quarter of 2020, data released by the National Bank of Hungary (NBH) on Monday show.
The current account surplus in Q1 comes after a 779 million euro deficit in Q4 2019 and a 118 million euro deficit in Q1 2019.
The trade balance showed a 183 million euro deficit in trade of goods, but a 1.45 billion euro surplus in trade of services in January-March 2020.
Primary income showed a deficit of 869 billion euros and secondary income a deficit of 403 million euros.
The capital account showed a surplus of 567 million euros in Q1, including 571 millio euros in transfers from the European Union. Direct investments contributed a negative 1.25 billion euros.
Hungary’s unadjusted net external financing capacity – the combined balances of the current and capital accounts – reached 569 million euros in Q1, compared to a net external financing capacity of 536 million euros in Q4 2019 and 207 million euros in Q1 2019.