Hungary attracted Ђ1.494 billion in foreign direct investment (FDI) in 2003, according to preliminary figures released by central bank (MNB). The annual figure was helped substantially by a large inflow of Ђ469 million in FDI in December.
However, with an unprecedented Ђ1.286 billion in FDI exports - mainly in large investments by oil company MOL and OTP Bank - Hungary's net FDI imports amounted to a mere Ђ208 million for the year, MNB says. The country thus narrowly avoided a position as a net exporter of capital last year, which would have been a first for a transition economy in central Europe.
MNB offered no explanation on the large incoming FDI figure in December. However, it may include the bulk of Erste Bank's payment of the HUF 101 billion (Ђ381 million) purchase price for the previously state-owned Postabank.
