The current account surplus in June was bigger than a year ago
The flash estimate1 put the Estonian current account at 86 million euros in surplus in June 2016. The surplus on the goods and services account was 100 million euros, which was 15 million euros more than at the same time a year earlier. Goods exports grew by 2.6% and goods imports by 1%, which led the deficit in goods to decrease to 76 million euros. The positive balance for services was close to its level of last year at 176 million euros. Exports of services were brought down by transport services and boosted by travel services and other services, while imports of services increased thanks to growth in all main service groups. Both the inflow and outflow of income decreased in investment income and other income, but the total for primary and secondary income accounts remained the same as last year. Thus, the net outflow was 15 million euros.
The sum total of the current and capital accounts was 102 million euros in June. This means that the Estonian economy was a net lender to the rest of the world, so the country as a whole invested more resources abroad than it received from there.
Eesti Pank is publishing 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 second quarter of 2016 on 8 September 2016.
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 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. Read more on the principles used in compiling the flash estimate: http://statistika.eestipank.ee/failid/mbo/kiir_mb.html.
For further information:
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee