Estonia’s activity in foreign markets continued to be large in June 2017

The flash estimate1 put the Estonian current account at 67 million euros in surplus in June 2017. The surplus on the goods and services account was 104 million euros, which was 11 million euros more than a year earlier. Volumes of both goods and services increased. Goods exports were up by 8% over the year and imports by 6%, and so the deficit on the goods account narrowed by 8 million euros over the year to 81 million euros. Services exports were up by 5% and imports by 6%, and the surplus on the goods account widened by 4 million euros to 185 million euros. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 16 million euros to 37 million euros.

The current and capital accounts were in surplus by a total of 85 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 here.

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 second quarter of 2017 on 7 September 2017.

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.


Additional information:

Sünne Korasteljov

Eesti Pank Statistics Department

Telephone: +372 668 0906

Email: synne.korasteljov [at] eestipank.ee