The current and capital accounts of the Estonian balance of payments were affected in December by the active use of European Union grants that is typical for the end of the year
The flash estimate1 put the surplus on the current account of the Estonian balance of payments at 34 million euros in December 2015. The deficit on the goods account was smaller than a year before as goods exports increased while imports decreased. Exports of services remained the same, but imports increased. There was a decline in the import and export of transport services, while imports of travel services and imports and exports of all other services increased. The use of investment and other grants from the European Union increased substantially at the end of the year. As the resources from the European Union funds have not yet been received, general government other claims also increased on the financial account.
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 2015 on 10 March 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. For more on the principles used in compiling the flash estimate, see http://statistika.eestipank.ee/failid/mbo/kiir_mb.html
Eesti Pank Statistics Department
Telephone: +372 668 0906
Email: synne.korasteljov [at] eestipank.ee