The National Bank of Hungary published its April 2025 Balance of Payments report, showing a further improvement in Hungary’s external position in 2024. The current account balance increased to a surplus of 2.2% of GDP, while the economy’s net lending position rose to 2.6% of GDP including the capital account. The report links the improvement mainly to a narrowing of energy and income balance deficits and a decline in the fiscal deficit, with the general government primary balance close to equilibrium for the first time since 2019. By contrast, the private sector’s net lending position fell as household financial savings eased alongside stronger consumption and lower corporate profitability contributed to a moderate increase in corporate net borrowing. Net foreign direct investment inflows continued but were lower than before, and net external debt declined to close to 10% of GDP by end-2024; international reserves stood at EUR 44.6bn, nearly EUR 10bn above short-term external debt.
National Bank of Hungary 2025-04-24
National Bank of Hungary reports 2024 current account surplus rose to 2.2% of GDP and net external debt fell to about 10%
The National Bank of Hungary's April 2025 Balance of Payments report shows an improved external position for Hungary in 2024, with a current account surplus of 2.2% of GDP and a net lending position of 2.6% of GDP. Key factors include reduced energy and income balance deficits and a near-equilibrium general government primary balance. Despite lower net foreign direct investment inflows, net external debt decreased to about 10% of GDP, and international reserves reached EUR 44.6bn.