The current account surplus was smaller in July than a year ago
The flash estimate1 put the Estonian current account at 45 million euros in surplus in July 2016. The surplus on the goods and services account was 86 million euros, which was 14 million euros less than at the same time a year earlier. The decline of 4.5% in goods exports was faster than the 2.4% in imports, and this increased the deficit on the goods account to 124 million euros. The surplus on the services account is usually at its peak for the year in July because of the tourism season, and the surplus in services was high this year too at 210 million euros. Exports of services were brought down by transport services and boosted by travel services and other services, while imports of all the main types of services increased. The inflows of investment income and other income declined while outflows increased. The net outflow on the primary and secondary income accounts totalled 41 million euros, which was 20 million euros more than at the same time a year earlier.
The sum total of the current and capital accounts was 57 million euros in July. 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 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 2016 on 9 December 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. For more on the principles used in compiling the flash estimate, see http://statistika.eestipank.ee/failid/mbo/kiir_mb_eng.html.
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee