-0,5% · 2 0 2 0 a n d w i l l revi s e q u ar te r l y d ata fo r Q 1 2 0 1 9 to Q 2 2 0 2 0 o n 2...
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9/16/2020 Homepage 1/1 FDI posions: acvity breakdown (annual) FDI income: COPC (annual) Net lending (CA+KA) EU transfers External debt posions External posions by instruments FDI flows according to direconal principle FDI income and posions (annual) FDI posions: country breakdown (annual) Published: 21 September 2020 Magyar Nemze Bank Stascs Portal Balance of payments and Internaonal Investment Posion Current account balance -847,2 Net lending (CA+KA) SA/GDP SA -0,5% Net internaonal investment posion/GDP -47,0% Main balance of payments stascal aggregates Net lending (FA) by resident sectors Revisions (vs previous publicaon) Net lending (FA) by instruments External posions by resident sectors External debt posions by maturity Summary data Text informaon 2020 Q2
Transcript of -0,5% · 2 0 2 0 a n d w i l l revi s e q u ar te r l y d ata fo r Q 1 2 0 1 9 to Q 2 2 0 2 0 o n 2...
9/16/2020 Homepage
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FDI posi�ons: ac�vitybreakdown (annual)
FDI income: COPC(annual)
Net lending (CA+KA)
EU transfers
External debt posi�onsExternal posi�ons by
instruments
FDI flows according todirec�onal principle
FDI income and posi�ons(annual)
FDI posi�ons: countrybreakdown (annual)
Published: 21 September 2020Magyar Nemze� BankSta�s�cs Portal
Balance of payments and Interna�onal Investment Posi�on
Current account balance
-847,2
Net lending (CA+KA) SA/GDP SA
-0,5%
Net interna�onal investment posi�on/GDP
-47,0%
Main balance of paymentssta�s�cal aggregates
Net lending (FA) by residentsectors
Revisions (vs previouspublica�on)
Net lending (FA) by instrumentsExternal posi�ons by resident
sectors
External debt posi�ons bymaturity
Summary data
Text informa�on2020 Q2
9/16/2020 Text information
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Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Text informa�on
In Q2 2020, Hungary’s seasonally adjusted net borrowing (i.e. the combined deficit on its current and capital accounts) amounted to EUR 146.2 million, equal to 0.5 % of quarterly GDP. The unadjusted value reached EUR 190.1 million. The seasonally adjusted current account deficit is EUR 864.4 million, while the unadjusted value reached EUR 847.2 million. The �me series of the capital account does not contain seasonality, its balance is EUR 657.0 million. Hungary’s net foreign debt, excluding FDI debt instruments, amounted to EUR 11.3 billion at the end of June 2020 (8.2 % as a percentage of GDP in the last four quarters). The net external debt increased by 2.1 EUR billion compared to the previous quarter.The Central Bank’s reserve assets amounted to EUR 30.2 billion at the end of June 2020. In the second quarter, the level of the reserves increased by 4.4 EUR billion compared to the previous quarter.
Summary data
Net lending (CA+KA)
In Q2 2020 the components of net borrowing were significantly nega�vely affected by the spread of Covid-19: the level of exports and imports and the surplus of services fell significantly compared to the level of the previous quarter. Exports amounted to EUR 17.8 billion, imports to EUR 18.8 billion, and a trade deficit to 984.6 million in the second quarter, seasonally adjusted. The surplus of services decreased significantly, with travel reaching EUR 137.3 million and non-travel services reaching EUR 440.7 million. The deficit of primary income was 336.5 and that of secondary income was 381.2 million euros, seasonally adjusted.The �me series of the capital account does not contain seasonality, so the seasonally adjusted figure is the same as the unadjusted figure, with a value of EUR 657.0 million in the second quarter. The bulk of the capital account comes from capital transfers from the EU.
In this publica�on, the 2020. II. quarterly balance of payments and related stock sta�s�cs are published first with revisions for 2017, 2018, the four quarters of 2019 and Q1 2020. For 2019, we are now publishing the annual data: for the first �me, actual data based on the companies' annual financial reports are available for the income on equity in 2019, which have replaced the es�mates. (By 2020, the es�mate has been updated taking into account new factual data.)Within posi�ons, we publish for the first �me the FDI posi�ons based on annual corporate reports with its immediate country and ac�vity breakdown for 2019, and the inward FDI posi�ons by the ul�mate inves�ng economy for 2018.
By resident sectorsIn Q2 2020, financial account balance showed a decrease of EUR 1,018 million in net assets. General government sector (EUR 2,300 million), other monetary ins�tu�ons (EUR 368 million) and other sectors (EUR 338 million) have recorded a decrease in net external assets while the Central Bank (EUR 1,989 million) has increased its net external assets.
By instrumentsIn terms of instruments, net assets decreased in FDI by EUR 269 million, with the decrease of assets by EUR 916 million and the decrease of liabili�es by EUR 646 million. In por�olio investment net assets also decreased by EUR 2,583 million with the increase of assets EUR 304 million and liabili�es of EUR 2,887 million. There was an increase in net assets in financial deriva�ves by EUR 170 million. In other investment net assets decreased by EUR 2,819 million with the decrease of assets by EUR 2,814 million and increase of liabili�es by EUR 5 million. Reserve assets increased by EUR 4,483 million in Q2 2020.
Net lending (FA)
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9/16/2020 Text information 2
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Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Text informa�on
Net inflows of direct investments in the second quarter of 2020 increased by 269 million euros: FDI abroad increased by 470 million euros, while FDI in Hungary increased by 739 million euros. Capital in transit and asset por�olio restructuring in the second quarter reduced the value of investments in both investment direc�ons (capital withdrawal) by EUR 209 million.
Within FDI abroad, investments in equity increased the value of foreign investments by EUR 841 million, and reinvested earnings by EUR 129 million. Debt instruments showed a net decrease in claims of EUR 500 million.
In the case of FDI in Hungary, investments in shares and other equity decreased by EUR 1,099 million, reinvested earnings by EUR 367 million, while debt instruments increased the value of foreigners' investments by EUR 2,205 million.
In Q2 2020, the net IIP was EUR -64.7 billion: total assets amounted to EUR 140.3 billion and total liabili�es to EUR 205.1 billion. Compared to the end of the previous quarter, the level of assets increased by EUR 1.1 billion and that of liabili�es increased by EUR 2.8 billion.
Interna�onal investments posi�ons
Revisions
Data revisions are based on modified reports of companies, furthermore on the replacement of es�mates by reported data (income and stock of FDI) and on the data revision in the basic sta�s�cs taken over from HCSO (goods and services, compensa�on of employees and workers’ remi�ances).
For 2019, within primary income, direct investment income on equity in Hungary was EUR 1,190 million lower than previously es�mated, while the direct investment income on equity abroad was EUR 169 million higher than es�mated. The lower-than-es�mated profit appears in the financial account as a lower capital investment due to the reinvestment of earnings beside the lower income on equity in the current account. Based on these new fact data the es�mate of income on equity for 2020 has also declined.
The changes in trade in goods and services in 2017 were mainly due to the integra�on of input/output tables related to na�onal accounts, diminishing the current account balance by EUR 495 million. For 2018-2019. and for the first quarter of 2020, trade and services data were revised also in accordance with the HCSO's na�onal accounts sta�s�cs, for 2019 it is resulted lower balance for goods and services by EUR 730 million.
FDI flows according to direc�onal principle
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9/16/2020 Summary data
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Reserve assets (Bn EUR)
0
10
20
30
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Securi�es Cuurency and dep… Monetary gold RPF SDR Other
Net lending (CA+KA) (M EUR)
-1 000
-500
0
500
1 000
1 500
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Current account SA Capital account Net lending - SA
External debt excluding FDI debt instruments (Bn EUR)
0
20
40
60
80
0
5
10
15
20
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Debt assets Gross debt Net debt (right scale)
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Summary data
In Q2 2020, Hungary’s seasonally adjusted net borrowing (i.e. the combined deficit on its current and capital accounts) amounted to EUR 146.2 million, equal to 0.5 % of quarterly GDP. The unadjusted value reached EUR 190.1 million. The seasonally adjusted current account deficit is EUR 864.4 million, while the unadjusted value reached EUR 847.2 million. The �me series of the capital account does not contain seasonality, its balance is EUR 657.0 million.
Hungary’s net foreign debt, excluding FDI debt instruments, amounted to EUR 11.3 billion at the end of June 2020 (8.2 % as a percentage of GDP in the last four quarters). The net external debt increased by 2.1 EUR billion compared to the previous quarter.
The Central Bank’s reserve assets amounted to EUR30.2 billion at the end of June 2020. In the second quarter, the level of the reserves increased by 4.4 EUR billion compared to the previous quarter.
Net lending (CA+KA) SA/GDP SA
-0,5%Net debt excluding FDI debt instruments (Bn EUR)
11,3Total reserve assets (Bn EUR)
30,2
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Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Main balance of payments aggregates
Main balance of payments aggregates (M EUR)
-
2017 2018 2019 Q1 2020 Q2 2020
1. Current account, net (1.1.+1.2.+1.3.)
1.1. Goods and Services, net
1.1.1. Goods, net
1.1.1.A Export
1.1.1.B Import
1.1.2. Services, net
1.1.2.A Export
1.1.2.B Import
1.2. Primary income, net
1.2.1. Compensa�on of employees, net
1.2.2. Investment income, net
1.2.2.1. Direct investment income, net
1.2.2.2. Por�olio investment income, net
1.2.2.3. Other investment income, net
1.2.2.4. Reserve assets, net
1.2.3. Other primary income, net
1.2.3.1. of which: EU transfers
2 490
8 659
1 712
85 285
83 573
6 947
23 817
16 870
-5 063
2 627
-8 911
-7 386
-1 469
-244
187
1 221
1 221
377
6 003
-1 684
88 662
90 346
7 687
25 359
17 671
-4 978
2 422
-8 600
-7 274
-1 315
-203
192
1 200
1 200
-363
4 573
-2 992
93 078
96 069
7 565
26 928
19 363
-3 892
2 572
-7 738
-6 529
-1 248
-206
244
1 274
1 274
317
1 243
-192
23 346
23 538
1 435
5 542
4 107
-537
523
-1 333
-1 145
-198
-51
61
274
274
-847
-138
-788
18 160
18 948
650
4 087
3 437
-475
447
-1 251
-1 044
-203
-60
57
329
329
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Net lending (CA+KA) SA (M EUR)
-2 000
0
2 000
-500
0
500
1 000
2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
Goods Primary income Secondary income Capital account Travel Services (excl. travel) Net lending SA (right scale)
-500
0
500
1 000
1 500
24 000
26 000
28 000
30 000
32 000
34 000
2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
Net SA (le� scale) SA Credit (right scale) SA Debit (right scale)
Seasonally adjusted data Unadjusted data
Net lending (CA+KA)Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Text informa�on FilterInstruments
All
Selected instruments (credit, debit, balance): Net lending (CA+KA)
9/16/2020 Unadjusted net lending (CA+KA)
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Net lending (CA+KA) (M EUR)
-2 000
0
2 000
-1000
0
1000
2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
Goods Primary income Secondary income Capital account Travel Services (excl. travel) Net lending (right scale)
-500
0
500
1 000
1 500
2 000
25 000
30 000
35 000
2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
Balance Credit (right scale) Debit (right scale)
Seasonally adjusted data Unadjusted data
Net lending (CA+KA)Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FilterInstruments
All
Selected instruments (credit, debit, balance): All (Net lending (CA+KA))
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General government (M EUR)
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Central Bank (M EUR)
-4 000
-2 000
0
2 000
4 000
6 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Other monetary ins�tu�ons (M EUR)
-2 000
-1 000
0
1 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Other sectors (M EUR)
-4 000
-2 000
0
2 000
4 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Financial account (M EUR)
-4 000
-2 000
0
2 000
4 000
-2 000
-1 000
0
1 000
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
General Govern… Other monetar… Other sectors Central Bank Net assets
Net lending (FA) by resident sectors
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2Text informa�on
Financial account by resident sectors (M EUR)Assets Liabili�es Net assets
Net lending (FA) (M EUR)
-1 017,6
-11 02017 Q1 - 2020 Q2Filter
Instrument
All
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Foreign direct investment (M EUR)
-2 000
0
2 000
4 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net assets
Financial account (M EUR)
-5 000
0
5 000
-2 000
-1 000
0
1 000
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Foreign Dire… Por�olio Inv… Financial De… Other Inves… Reserve ass…
Financial deriva�ves (M EUR)
-2 000
-1 500
-1 000
-500
0
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net assetsReserve assets (M EUR)
-4 000
-2 000
0
2 000
4 000
6 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Net assets
Por�olio investment (M EUR)
-4 000
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net assets
Other investment (M EUR)
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net assets
Text informa�onBalance of payments and Interna�onal Investment Posi�on - 2020 Q2
Net lending (FA) by instruments-11 02017 Q1 - 2020 Q2
FilterResident sector
All
9/16/2020 External positions_resident sectors
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Central Bank (Bn EUR)
0
10
20
30
22
24
26
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
Other monetary ins�tu�ons (Bn EUR)
0
10
20
30
40
-10
-9
-8
-7
-6
-5
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Q22020
Net IIP (Bn EUR)
-120
-100
-80
-60
-40
-20
0
20
40
-78
-76
-74
-72
-70
-68
-66
-64
-62
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
General Govern… Other moneta… Other sectors Central Bank Net IIP (right s…
Interna�onal Investment Posi�on by resident sectors Text informa�onBalance of payments and Interna�onal Investment Posi�on - 2020 Q2
Assets Liabili�es Net IIP(right scale)
Net IIP by resident sectors
-10 02017 Q4 - 2020 Q2FilterInstrument
All
Liabili�es (Bn EUR)
205,1Assets (Bn EUR)
140,3
Net IIP (Bn EUR)
-64,7 General government (Bn EUR)
0
10
20
30
40
-38
-36
-34
-32
-30
-28
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
Other sectors (Bn EUR)
0
50
100
150
-58
-56
-54
-52
-50
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
9/16/2020 External positions_instruments
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Net IIP (Bn EUR)
-100
-50
0
-80
-75
-70
-65
-60
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
FDI Financial deriv… Other invest… Por�olio inves… Reserve assets
Por�olio investment (Bn EUR)
0
10
20
30
40
50
-35
-30
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net IIP (right scale)
Foreign direct investment (Bn EUR)
0
50
100
-56
-54
-52
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net IIP (right scale)
Financial deriva�ves (Bn EUR)
0
1
2
3
4
5
0
1
2
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net IIP (right scale)
Reserve assets (Bn EUR)
0
10
20
30
0
10
20
30
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Net IIP (right scale)
Other investment (Bn EUR)
0
10
20
30
40
50
-14
-12
-10
-8
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Assets Liabili�es Net IIP (right scale)
Resident sector
All
Interna�onal Investment Posi�on by instruments
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2 -11 02017 Q1 - 2020 Q2Filter
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External debt (Bn EUR)
0
20
40
60
80
100
10
15
20
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Debt assets Debt liabili�es Net debt (right scale)
Other monetary ins�tu�ons (Bn EUR)
0
5
10
15
20
25
-2
-1
0
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
General government (Bn EUR)
0
10
20
30
40
50
30
35
40
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Central Bank (Bn EUR)
0
10
20
30
-26
-24
-22
-20
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
FDI debt
Debt excluding FDI…
Indicators
All
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Stock of external debt
Net external debt of Generalgovernment (Bn EUR)
33,8
Net external debt of othermonetary ins�tu�ons (Bn EUR)
0,2
Net external debt of CentralBank (Bn EUR)
-24,1
Net external debt of othersectors (Bn EUR)
1,4
Net external debt by resident sectors (Bn EUR)
-11 02017 Q1 - 2020 Q2Filter
Other sectors (Bn EUR)
0
5
10
15
20
0
1
2
3
4
5
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Debt assets Debt liabili�es Net debt (right scale)
9/16/2020 Stock of external debt by maturity
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Gross external debt posi�on by resident sectors (Bn EUR)
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
General Gov… Other mon… Other sectors Central Bank Gross exter…
Long-term
0
20
40
60
80
0
20
40
60
80
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Original long-term Gross external debt posi�ons (right scale)
Short-term
0
20
40
60
80
0
20
40
60
80
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Remaining short-term Gross external debt posi�ons (right scale)
Long-term
0
20
40
60
80
0
20
40
60
80
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Remaining long-term Gross external debt posi�ons (right scale)
Stock of gross external debt by maturity (excl. FDI debt)
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Gross external debt posi�on (Bn EUR)
75,9Short-term
0
20
40
60
80
0
20
40
60
80
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Original short-term Gross external debt posi�ons (right scale)
Debt by original maturity (Bn EUR) Debt by remaining maturity (Bn EUR)
-11 02017 Q1 - 2020 Q2 Resident sector
All
Filter
9/16/2020 FDI according to directional principle
1/1
FDI abroad
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Capital in transit in Hungary
-4 000
-2 000
0
2 000
4 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Capital in transit abroad
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
FDI in Hungary excluding capital in transit
-4 000
-2 000
0
2 000
4 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
FDI abroad excluding capital in transit
-2 000
0
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
FDI in Hungary
-4 000
-2 000
0
2 000
4 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FDI flows according to the direc�onal principle
FDI abroad (M EUR)Equity Reinvested earnings Debt instruments FDI abroad
FDI in Hungary (M EUR)Equity Reinvested earnings Debt instruments FDI in Hungary
-11 02017 Q1 - 2020 Q2FilterText informa�on
9/16/2020 EU transfers
1/1
Current and capital account items (M EUR)
0
500
1 000
1 500
2 000
0
500
1 000
1 500
2 000
2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2
Primary income Secondary income Capital transfers Net EU transfers
Primary income (M EUR)
0
200
400
600
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Primary income credit Primary income debit Net primary income
Secondary income (M EUR)
-200
0
200
400
600
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Secondary income credit Secondary income debit Net secondary income
Capital transfers (M EUR)
0
500
1 000
1 500
2 000
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
Capital transfers credit Capital transfers debit Net capital transfers
EU transfers
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Net EU transfers (M EUR)
937,9
-11 02017 Q1 - 2020 Q2Filter
9/16/2020 Revisions (vs previous publication)
1/1
Balance of payments (revisions, M EUR)
Main items
2017 2018 2019 Q1 2020
1. Current account balance (1.1+1.2+1.3+1.4)
1.1 Goods
1.2 Services
1.3 Primary income
1.4 Secondary income
2. Capital account
3. Financial account
3.1 Foreign direct investment (net assets)
3.1.1 Foreign direct investment abroad (net assets)
3.1.1.1 Equity
3.1.1.2 Debt instruments
3.1.2 Foreign direct investment in Hungary (net liabili�es)
3.1.2.1 Equity
3.1.2.2 Debt instruments
3.2 Por�olio investments (net assets)
3.2.1 Assets
3.2.2 Liabili�es
3.3 Financial deriva�ves (net assets)
3.4 Other investments (net assets)
3.4.1 Assets
3.4.2 Liabili�es
4. Net errors and omissions
-447
-197
-298
3
45
0
-16
-3
20
5
15
23
5
19
-12
0
12
0
-1
-2
398
3
0
217
178
-8
20
46
73
53
20
27
-76
103
0
0
0
0
-26
-1
853
-300
-430
1 409
175
-4
1 497
1 653
-159
-170
11
-1 813
-1 895
83
0
0
0
-3
-154
-5
314
-10
-21
332
13
0
525
687
69
-9
78
-619
-450
-169
7
8
0
0
-170
211
-2
431
25
-370
148
648
381
211
Posi�ons (revisions, M EUR)
Main items 2017 2018 2019 Q1 2020
1. Foreign direct investment (net assets)
1.1 Foreign direct investment abroad (net assets)
1.1.1 Equity
1.1.2. Debt
1.1.2.1 Debt assets
1.1.2.2 Debt liabili�es
1.2 Foreign direct investment in Hungary (net liabili�es)
1.2.1 Equity
1.2.2. Debt
1.2.2.1 Debt assets
1.2.2.2 Debt liabili�es
2. Por�olio investments (net assets)
2.1 Assets
2.2 Liabili�es
3. Financial deriva�ves (net assets)
4. Other investments (net assets)
4.1 Assets
4.2 Liabili�es
5. Gross external debt (excl. FDI debt)
6. Net external debt (excl. FDI debt)
68
0
23
-23
19
42
-68
6
-74
156
81
0
0
0
0
-1
-2
-1
-1
4
191
200
185
16
101
85
9
-123
132
168
301
0
0
0
0
-27
-3
23
23
33
2 856
89
88
1
128
127
-2 767
-2 907
140
44
183
0
0
0
0
50
33
-17
-17
-39
3 659
466
386
79
210
131
-3 194
-3 128
-65
126
60
5
8
3
0
-106
263
369
372
113
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Revisions (vs previous publica�on) Text informa�on
9/16/2020 FDI income and positions (annual)
1/1
FDI posi�on abroad (M EUR)
0
10 000
20 000
30 000
40 000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Outward equity posi�on Outward debt instruments posi�on FDI abroad posi�on
FDI posi�on in Hungary (M EUR)
0
50 000
100 000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Inward equity posi�on Inward debt instruments posi�on FDI in Hungary posi�on
FDI income abroad (M EUR)
-1 000
0
1 000
2 000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Dividends abroad Reinvested earnings abroad Interests abroad FDI income abroad
FDI income in Hungary (M EUR)
0
5 000
10 000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Dividends in Hungary Reinvested earnings in Hungary Interests in Hungary FDI income in Hungary
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FDI income and posi�ons (annual)
FDI posi�on in Hungary (M EUR)
87 372,6FDI posi�on abroad (M EUR)
33 217,5Hungary Abroad
2000 2019Filter
New annual data are first published in September following the reference year. Data are revisied in March and September.
9/16/2020 FDI position: country breakdown, top10
1/1
Outward FDI posi�on (M EUR)
0 1 000 2 000 3 000 4 000
Croa�a
Cyprus
Slovakia
Israel
Netherlands
United States
Bulgaria
Romania
Spain
Poland
3 734
2 861
2 292
2 146
1 997
1 493
1 460
1 276
1 228
1 218
Inward FDI posi�on (M EUR)
0 5 000 10 000 15 000 20 000
Germany
Netherlands
Austria
Ireland
Switzerland
Luxemburg
France
Italy
South Korea
United States
16 984
15 381
8 866
4 259
4 119
4 009
3 523
2 681
2 469
2 413
Inward FDI posi�on by country of ul�mate vs immediate investor (breakdown by ul�mate investor is available in 2014-2018) (M EUR)
-5 000
0
5 000
10 000
15 000
20 000
Germany United States Austria France South Korea United Kingdom Italy Japan India Netherlands
17 59311 613
7 0274 997
3 561 3 366 3 075 2 839 2 781 2 398
16 984
2 413
8 866
3 523 2 4691 187
2 6811 138
-1
15 381
Country of ul�mate investor Country of immediate investor
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FDI posi�ons: country breakdown (top 10; annual data)
Period
2018
Filter
New annual data are first published in September following the reference year. Data are revisied in March and September.
9/16/2020 FDI position: activity breakdown (annual)
1/1
By the ac�vity of the resident investment (M EUR)Resident ac�vi�es
Manufacturing - C
Financial and insurance ac…
Wholesale and retail trade…
Real estate ac�vi�es - L
Professional, scien�fic and…
Private purchase and sales…
Informa�on and communi…
Other services (N,O,P,Q,R,S)
By the ac�vity of the non-resident investment (M EUR)Non-resident ac�vity
Financial and insurance act…
Manufacturing - C
Private purchase and sales …
Mining and quarrying - B
Wholesale and retail trade;…
Other services (N,O,P,Q,R,S)
Informa�on and communic…
Professional, scien�fic and …
.....of which the main ac�vity groups of manufacturing (M EUR)Ac�vity groups of manufactu…
Total vehicle and other tra…
Computer, electronis and …
Rubber, plas�c and other …
Electrical equipment, mac…
Basic pharmaceu�cal prod…
Coke, refined pertoleum, …
Basic metals and fabricate…
Food products; beverage …
Wood, paper, prin�ng and…
... of which the main ac�vity groups of manufacturing (M EUR)Ac�vity groups of manufactur…
Basic pharmaceu�cal prod…
Coke, refined pertoleum, c…
Computer, electronis and o…
Total vehicle and other tra…
Basic metals and fabricated…
Rubber, plas�c and other n…
Manufacturing not elsewh…
Wood, paper, prin�ng and …
Electrical equipment, mach…
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FDI posi�ons: ac�vity breakdown (annual data)Period
2019
Filter
Inward FDI posi�on Outward FDI posi�on
New annual data are first published in September following the reference year. Data are revisied in March and September.
9/16/2020 FDI income: COPC (annual)
1/1
Abroad (M EUR)
-2 000
-1 000
0
1 000
2 000
3 000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A�er tax profit COPC adjustment FDI equity income (published in BoP)
In Hungary (M EUR)
-10 000
-5 000
0
5 000
10 000
15 000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A�er tax profit COPC adjustment FDI equity income (published in BoP)
In the balance of payments, data are shown under Direct investment income, Income on equity, credit (FDI abroad), and debit (FDI in Hungary). Data in excel format are available here.
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
FDI income: COPC adjustment (annual data)
New annual data are first published in September following the reference year. Data are revisied in March and September.
FilterSector
Total economy
9/16/2020 Other information
1/1
Informa�on about the next publica�on
The MNB will release Hungary’s balance of payments and interna�onal investment posi�on data for Q3 2020 and will revise quarterly data for Q1 2019 to Q2 2020 on 21 December 2020.
Publica�on calendar
Balance of payments and Interna�onal Investment Posi�on - 2020 Q2
Other informa�on and notes
Related links
Notes
Sesonally adjusted graphs
Contact
Methodological notes
Magyar Nemze� BankSta�s�cs Directorate
Interac�ve graphs
Tel.: +36 1 428 2600
Sta�s�cal tables
Fax: + 36 1 429 8000
Email: [email protected]
In these interac�ve graphs, Hungary’s balance of payments and interna�onal investment posi�on are presented excluding data on special purpose en��es (SPEs), consistent with past prac�ce. However, Hungary’s BOP and IIP both excluding and including SPE data are available on the MNB’s website.
Regarding the applied tool for seasonal adjustment, the MNB together with the HCSO, has switched from Demetra to JDemetra+ as the new standard so�ware for seasonal adjustment star�ng from the first publica�on of seasonally adjusted data for January 2017 and Q1 2017. JDemetra+ is the officially recommended so�ware for seasonal adjustment of official sta�s�cs within the European System of Central Banks and the European Sta�s�cal System, in producing seasonally adjusted data. As a member of the European System of Central Banks, one of the key objec�ves of the MNB is to produce seasonally adjusted data of the best possible quality, which are comparable to those produced and published by other Member States. The so�ware change does not influence the applicability, interpreta�on and the dissemina�on of seasonally adjusted data; TRAMO/SEATS will con�nue to be the seasonal adjustment method used. However, due to the many new sta�s�cal tests and diagnos�cs built into the new programme, we can provide higher quality seasonally adjusted data to users.
Seasonally adjusted balance �me series are directly adjusted. Thus, seasonally adjusted balances cannot be reproduced from the seasonally adjusted credits and debits. The same applies to the aggregates. The seasonally adjusted aggregates cannot be reproduced from the seasonally adjusted subaccounts either (e.g. the seasonally adjusted current account balance does not equal to the sum of the seasonally adjusted data of the subaccounts).
