Bloomberg News

Hungarian Current-Account Surplus Rose in First Quarter on Trade

June 29, 2012

Hungary’s current-account surplus rose more than expected in the first quarter from the previous three months as the balance on the trade of goods grew.

The surplus totaled 186 million euros ($234 million), compared with a revised 134 million euros in the earlier three- month period and 342 million euros a year earlier, the Magyar Nemzeti Bank said today. That compares with a projection for a 120 million-euro surplus in a Bloomberg survey of nine economists. The seasonally adjusted current-account surplus was 117 million euros, the central bank said.

Hungary’s current-account balance has been improving as the economy recovers from a contraction of 6.7 percent in 2009, its worst in 18 years, which sapped consumer demand and reduced imports. The government expects a surplus of 4 percent of gross domestic product in 2013, Economy Minister Gyorgy Matolcsy said on June 14.

Hungary’s net external financing capacity, or the combined surplus of the current and capital accounts, was an adjusted 3.2 percent of GDP in the first quarter.

The country had a surplus of 1.8 billion euros in the trade of goods and services, up from 1.5 billion euros in the previous quarter. The surplus on the trade of goods grew to 1.2 billion euros from 795 million euros.

Capital transfers from the European Union had a surplus of 544 million euros.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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