August was a good month for exports of services

The flash estimate1 put the Estonian current account at 19 million euros in surplus in August 2019. The surplus on the goods and services account increased by 34 million euros from a year earlier to 97 million euros. Goods exports grew by 2% while imports were at the same time down a little. This meant that the negative balance in goods narrowed by 23 million euros to 84 million euros. The surplus on the services account was 181 million euros, which was 11 million euros more than a year previously. Services exports grew 7% over the year and imports by 5%. The outflow of investment income and current transfers increased in August, meaning the negative balance of primary and secondary income rose to 78 million euros. The current and capital accounts were in surplus by a total of 50 million euros.

 

1 The quarterly balance of payments is compiled from a combined system of representative primary data sources, including surveys of companies, while the monthly balance of payments draws from a considerably smaller database. Although the monthly report uses as much of the data available for the month reported as possible, including administrative data sources and reports on international payments, it is subjective to a certain degree, which is why it is called an estimate. Once the quarterly balance of payments is released, the monthly balances of payments are adjusted accordingly. For more on the principles used in compiling the flash estimate, see http://statistika.eestipank.ee/failid/mbo/kiir_mb_eng.html

Eesti Pank publishes the flash estimate of the balance of payments monthly for the last month but one. Eesti Pank will publish the balance of payments for the third quarter of 2019 on 10 December 2019.


Statistical releases are published by Eesti Pank together with statistical data. The release is independent of economic policy releases and is presented separately from them.

Additional information:
Eesti Pank Statistics Department
668 0906