Estonia has one of the most open economies in the European Union
Adjusted data show that the current account of the Estonian balance of payments had a surplus of 205 million euros in 2014. Goods exports were smaller than imports, but the opposite applied for services, and in total the surplus of goods and services increased to 681 million euros. Revenues from European Union Structural Funds for infrastructure development were significantly lower in 2014. The outflow of capital from the financial account was 191 million euros larger than the inflow and the main channel for the outflow was portfolio investments.
Estonian exports and imports of goods and services stood at 167% of GDP in 2014. This is double the European Union average and shows that the national economy depends to a large extent on the external environment. The index of openness is usually higher for small countries than for large ones.
For more, see The Estonian Balance of Payments Yearbook 2014. The English version of the balance of payments yearbook for 2014 will be published on the Eesti Pank website on 30 September.
Eesti Pank publishes the balance of payments yearbook each autumn for the previous year. The balance of payments yearbook contains a detailed analysis of the three main documents containing external sector statistical data – the balance of payments, the international investment position and the net external debt – at national and sectoral levels, illustrated with tables and figures. The time series are of up to ten years. This year’s yearbook will contain a comparison of the Estonian external sector with those of other European countries for the first time.
It also contains a thorough description of the methodology for compiling the balance of payments statistics, which explains the concepts of the balance of payments, the international investment position and the external debt, and the system and practice of compiling statistics in Estonia. It also explains the legal basis for the compilation of statistics and the principles for publishing and adjusting data.
This year’s yearbook is the fifteenth to be published.