The current account surplus was twice as large in November 2016 as a year earlier
The flash estimate1 put the Estonian current account at 76 million euros in surplus in November 2016. The surplus on the goods and services account was 45 million euros larger than a year earlier at 107 million euros. The growth of 8% in goods exports was faster than the 6% in imports, and this reduced the deficit on the goods account to 47 million euros. The surplus on the services account was 154 million euros, which was 27 million euros more than a year earlier. Services exports increased by 8% because of growth in exports of travel services and other services, though exports of transport services remain low. The net outflow on the primary and secondary income accounts totalled 31 million euros, which was 7 million euros more than at the same time a year earlier.
The current and capital accounts were in surplus by a total of 96 million euros in November. This meant that the Estonian economy has been a net lender to the rest of the world in the past eight months.
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 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 2016 on 9 March 2017.
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