Hungary's Current Account Surplus Expands to EUR 0.93 Billion in Q3 2025, Below Market Forecasts

Hungary Reports Widened Current Account Surplus in Q3 2025

Budapest, Hungary – The Hungarian National Bank (MNB) announced that Hungary's current account surplus expanded to EUR 0.93 billion in the third quarter of 2025. This marks a substantial increase compared to the EUR 0.38 billion recorded in the third quarter of the previous year, 2024. Despite this growth, the reported surplus did not meet market expectations, which had projected a figure of EUR 1 billion.

Detailed Breakdown of Contributing Factors

The widening of the current account surplus was influenced by several key components of the balance of payments:

• The services account surplus saw an increase, rising to EUR 3.65 billion in Q3 2025 from EUR 3.20 billion in Q3 2024. This improvement reflects a higher volume of exports over imports in the services sector.
• The goods account deficit showed a reduction, falling to EUR 1.01 billion from EUR 1.25 billion in the corresponding period last year.
• The secondary income gap also narrowed, decreasing to EUR 0.46 billion from EUR 0.51 billion a year earlier.

Conversely, the primary income deficit widened during the quarter, reaching EUR 1.25 billion, up from EUR 1.06 billion in Q3 2024. This was primarily driven by a larger investment income shortfall, which expanded to EUR 2.26 billion from EUR 2.15 billion.

Economic Context and Outlook

The current account balance is a crucial indicator of a country's economic health, reflecting its transactions with the rest of the world. The sustained surplus indicates Hungary's continued positive external balance. While the Q3 2025 figure surpassed the previous year's performance, falling short of market forecasts suggests a nuanced economic landscape. The data was officially updated by the Hungarian National Bank on December 23, 2025.