Hungary Current Account Surplus Narrows in Q4

Hungary’s current account surplus narrowed to EUR 0.32 billion in the fourth quarter of 2025, from EUR 0.77 billion in the corresponding period of the previous year, missing market expectations of a EUR 0.40 billion deficit. The goods account recorded a EUR 1.43 billion deficit, widening sharply compared to a EUR 0.40 billion a year earlier. At the same time, the primary income shortfall increased to EUR 1.13 billion from EUR 0.84 billion. On the other hand, the services account surplus rose to EUR 2.85 billion from EUR 2.39 billion. The secondary income account also posted a surplus of EUR 0.03 billion, swinging from a EUR 0.38 billion deficit in the same quarter last year.

Hungary’s current account surplus widened to EUR 0.93 billion in the third quarter of 2025 from EUR 0.38 billion in the same period last year, but below market expectations of EUR 1 billion. The services account surplus increased to EUR 3.65 billion from EUR 3.20 billion in Q3 2024, reflecting higher exports than imports. At the same time, the goods account deficit fell to EUR 1.01 billion from EUR 1.25 billion, while the secondary income gap decreased to EUR 0.46 billion from EUR 0.51 billion a year earlier. Meanwhile, the primary income deficit widened further to EUR 1.25 billion from EUR 1.06 billion, largely driven by a larger investment income shortfall, which rose to EUR 2.26 billion from EUR 2.15 billion.

Hungary’s current account surplus sharply widened to EUR 1.39 billion in the second quarter of 2025, from EUR 0.08 billion in the corresponding period of the previous year. The improvement was mainly due to a higher services surplus, which rose to EUR 2.84 billion from EUR 2.37 billion a year earlier. The goods account also recovered, posting a EUR 0.09 billion surplus compared with a EUR 0.54 billion deficit in the previous year. At the same time, secondary income rebounded to a EUR 0.20 billion surplus from a EUR 0.32 billion deficit. Meanwhile, the primary income deficit widened further to EUR 1.73 billion, from EUR 1.43 billion in the second quarter of 2024.