Estonia's activity in foreign markets increased in March 2017
The flash estimate1 put the Estonian current account at 37 million euros in deficit in March 2017. All the components of the current account were up on the previous March, especially exports and imports of goods and services. The surplus on the goods and services account was 5 million euros, which was 10 million euros less than a year earlier. The growth in the trade of goods was notable, as goods exports increased by 10% and imports by 12%, meaning the deficit on the goods account widened by 15 million euros to 90 million euros. The surplus on the services account was 96 million euros, which was 10 million euros more than a year earlier. Exports of services increased by 12% and imports by 13%. The net outflow on the primary and secondary income accounts was at the same level as a year before and totalled 42 million euros.
The current and capital accounts were in deficit by a total of 20 million euros in March, meaning Estonia was a net borrower from the rest of the world.
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_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 2017 on 8 June 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.
Eesti Pank Statistics Department
Telephone: 668 0906
Email: synne.korasteljov [at] eestipank.ee