The current account surplus was boosted by services in November 2017
The flash estimate1 put the Estonian current account at 53 million euros in surplus in November 2017. The surplus on the goods and services account was 97 million euros, which was 12 million euros more than a year earlier. Goods exports were up by 8% over the year and imports by 10%, and so the deficit on the goods account increased by 20 million euros over the year to 55 million euros. The surplus on the services account was 33 million euros larger than a year earlier at 152 million euros as services exports grew by 12% and imports by 7%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, was the same as a year earlier at 44 million euros.
The current and capital accounts were in surplus by a total of 87 million euros, meaning that the Estonian economy was a net lender to the rest of the world, so the country as a whole invested more financial assets abroad than it received from there.
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 fourth quarter of 2017 on 8 March 2018.
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.
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee