The current account was close to balance in April
The flash estimate1 put the Estonian current account at 4 million euros in surplus in April 2016. The surplus on the goods and services account was 21 million euros, which was 60 million euros less than at the same time a year earlier. As goods exports were up 4% over the year and imports were up 8%, the faster growth in imports led the deficit in goods to widen by 100 million euros. Exports of services were down 3% on the year, mainly because exports of transport services fell further, while imports of services increased by 3%. In consequence the surplus on the services account was 20 million euros smaller than a year earlier at 120 million euros. The net outflow of investment income and other income in the primary and secondary income accounts was 17 million euros in April, which is the same as a year earlier.
The total of the current and capital accounts was also positive by 20 million euros in April. 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: +372 668 0906
Email: synne.korasteljov [at] eestipank.ee