Estonia's activity in foreign markets declined in May for the second consecutive month

The flash estimate1 put the Estonian current account at 52 million euros in surplus in May 2015. Estonia's activity in foreign markets has reduced over the past few months. The export volume of goods, services and income was smaller in May than the year before and the import of goods also declined compared to May 2014.

The current and capital accounts saw a surplus of 74 million euros in May. 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. The statistics on the second quarter of 2015 will be published with a comment on 8 September.

1The 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.

Read more on the principles used in compiling the flash estimate.

Additional information:
Sünne Korasteljov
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee