The current account surplus was in surplus in May
The flash estimate1 put the Estonian current account at 51 million euros in surplus in May 2016. The surplus on the goods and services account was 64 million euros, which was 51 million euros less than at the same time a year earlier. As goods exports were up 5% over the year and imports were up 10%, the faster growth in imports led the deficit in goods to widen to 105 million euros. The positive balance for services was close to its level of last year at 168 million euros. Exports of services were brought down by transport services and boosted by other services, while imports of transport services increased and those of other services declined. The net outflow of investment income and other income in the primary and secondary income accounts was 12 million euros in May, which is 4 million euros more than a year earlier. This was primarily because less was used in investment and other support from the European Union funds than a year previously.
The sum total of the current and capital accounts was 64 million euros in May. 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.
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee