The current account was in deficit in March
The flash estimate1 put the Estonian current account at 45 million euros in deficit in March 2019. The balance of the goods and services account, which had been in surplus by 25 million euros a year earlier, declined by 49 million euros to a deficit of 24 million. Goods exports were up by 7% over the year and imports by 9%, meaning the deficit on the goods account widened by 27 million euros to 116 million euros. Services exports were up 2% over the year and imports 8%. The positive balance on the services account was 93 million euros, which was 22 million euros less than a year previously. The net outflow of investment income and current transfers, or the primary and secondary income accounts, totalled 21 million euros in March.
The surplus on the capital account helped balance the current account deficit, and so the current and capital accounts together were in surplus by 22 million euros, meaning that the Estonian economy was a net lender to the rest of the world, so the country as a whole invested more financial assets abroad than it received from there.
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 of the 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 first quarter of 2019 on 11 June 2019.
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