The current account was affected most in September by a sharp rise in goods exports
The flash estimate1 put the Estonian current account at 81 million euros in surplus in September 2016. The surplus on the goods and services account was 118 million euros, which was 70 million euros more than at the same time a year earlier. The growth of 10% in goods exports was notably faster than the 3% in imports, and this reduced the deficit on the goods account to 27 million euros. The surplus on the services account reached 145 million euros, with exports of services growing by a strong 7%, and imports doing likewise by 8%. Exports of services were brought down by transport services and boosted by travel services and other services, while imports of travel services were down and those of all other services were up. The net outflow on the primary and secondary income accounts totalled 37 million euros, which was 11 million euros more than at the same time a year earlier.
The sum total of the current and capital accounts was 100 million euros. 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.
1The 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
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