Hungary Current Account Swings to Deficit

Hungary's current account swung to a EUR 0.25 billion deficit in the second quarter of 2026 from a EUR 1.4 billion surplus a year earlier, marking its first shortfall since the third quarter of 2023. The deterioration was driven by a wider goods trade deficit, which increased to EUR 0.93 billion from EUR 0.27 billion, while the primary income deficit widened to EUR 1.7 billion from EUR 1.6 billion. Additionally, the secondary income balance shifted to a EUR 0.64 billion deficit from a EUR 0.37 billion surplus in the same period last year. In contrast, the services surplus expanded to EUR 3.1 billion from EUR 2.9 billion.

Hungary’s current account posted a surplus of EUR 0.25 billion in the first quarter of 2026, falling short of market expectations of EUR 0.4 billion and nearly five times smaller than the EUR 1.18 billion surplus recorded in the corresponding period of the previous year. The latest figure also marked the lowest surplus since the first quarter of 2021, largely driven by a EUR 0.47 billion deficit in the goods account, which shifted from a EUR 0.82 billion surplus a year earlier. Meanwhile, the services account surplus widened to EUR 2.17 billion from EUR 2.1 billion. At the same time, the shortfall in the primary income declined to EUR 0.97 billion from EUR 1.15 billion, as well as the secondary income to EUR 0.47 billion from EUR 0.6 billion a year ago.

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.