Hungary has external financing capacity of EUR 272m in Q1 2009

Hungary registered a positive combined balance for the first time since 1995, the report noted, adding that trade and services balances improved with the recession and net EU transfers reached an exceptionally high EUR 1.106bn in the quarter. The figure compares to an unadjusted financing requirement of EUR 862m in the first quarter of 2008. On a seasonally adjusted basis, Hungary had an external financing requirement of EUR 1.078bn in Q1 2009, down from a downward revised EUR 1.823bn in Q4 2008, and down from all the other quarters of last year. The seasonally adjusted financing requirement was 4.8pc of GDP in Q1, down 1.8 percentage points from the previous quarter. The current account deficit totalled EUR 591m in Q1, sharply down from EUR 1.651bn in Q1 2008. The seasonally adjusted current account deficit was EUR 1.712bn in Q1, down from a downward revised EUR 1.883bn in Q4 and from a slightly upward adjusted EUR 1.865bn in Q3. The seasonally adjusted c/a deficit was EUR 1.745bn in Q1 2008. Quarterly figures added up to a 2008 financing requirement of EUR 7.782bn and to a current account deficit of EUR 8.903bn last year, practically unchanged from the figures reported at the end of March.

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