Hungary’s current account surplus surges to EUR 2.94bn in 2013.

By bne IntelliNews April 1, 2014

Hungary's current account surplus expanded by 256% y/y to EUR 2.94bn in 2013, central bank data showed. In our estimates, the surplus accounted for 3.1% of the full-year GDP.

The surplus on the foreign trade account widened by 24.3% y/y to EUR 4.31bn. Exports advanced 2.9% y/y to EUR 77.83bn, while imports grew at the slower pace of 1.9% y/y to EUR 73.52bn. The surplus on the service account grew by 4% y/y to EUR 3.5bn in 2013.

The deficit on the income account narrowed by 7.4% in annual terms to EUR 5.93bn. The balance of current transfers registered a surplus of EUR 1.06bn, up by 164% on the year. This was due to higher net EU transfers, which grew to EUR 120.3mn in 2013 from minus EUR 164.7mn in 2012.

The surplus on the capital account widened by 31.7% y/y to EUR 3.39bn in 2013. This combined with the current account surplus led to net external financing capacity of EUR 6.33bn in 2013, up from EUR 3.4bn a year earlier.

The financial account improved mainly due to rising portfolio investments, which grew to EUR 3.14bn from minus EUR 1.86bn in the previous year. By contrast, the net FDI dropped to EUR 615mn in 2013 from EUR 2.05bn a year earlier and net other investments increased 17% y/y to minus EUR 10.4bn.

Hungary current account, EUR mn    
  2012 2013 % y/y
Current Account  826 2940.8 255.8
Goods 3468.6 4313.2 24.3
        Export 75653.9 77834.0 2.9
        Import 72185.2 73520.7 1.9
Services 3363.2 3498.2 4.0
        Export 15930.8 16204.8 1.7
        Import 12567.6 12706.7 1.1
        Travel 2243.5 2382.9 6.2
Income -6407.9 -5933.1 -7.4
Current transfers 402.5 1062.5 164.0
        of which: EU transfers -164.7 120.3 -173.0
Source: Central bank      

Related Articles

Hungarian branch of Bucharest listed Digi to buy Invitel Tavkozlesi in €140mn deal

Bucharest listed Digi Communications announced on July 21 that its Hungarian subsidiary, Digi Tavkozlesi es Szolgaltato, has signed an agreement to acquire Hungarian broadband and telephone provider ... more

Czech judiciary denounces Poland's move to end separation of powers

Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more

Hungary's MOL strikes licensing deals essential to $1.9bn petrochemical expansion ambitions

Hungary's MOL announced on July 20 that it has struck licensing deals with Germany's Evonik Industries and Thyssenkrupp that will be essential in its plan to roll out a $1.9bn investment in ... more

Dismiss