In May, the current account balance closed with a surplus of EUR 81 million, compared with a deficit of EUR 201 million in April, according to preliminary data released Tuesday by the National Bank of Hungary (MNB).
The current account closed the first quarter with a surplus of EUR 251 million, compared with a surplus of EUR 1.177 billion a year earlier and EUR 353 million in the previous quarter.
The capital account surplus decreased by EUR 110 million from the previous month to EUR 46 million; however, with the current account improving by EUR 282 million, the country’s EUR 45 million financing need vis-à-vis the rest of the world turned into a EUR 127 million financing capacity by May.
The improvement in the current account balance was primarily due to a EUR 356 million decrease in the goods trade deficit — from EUR 560 million in April to EUR 204 million — while the surplus from trade in services increased by EUR 34 million to EUR 1.060 billion.
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