Payments to the budget of the European Union affected the current account in February
The flash estimate1 put the Estonian current account at 38 million euros in deficit in February 2015. Goods exports were lower than in February of the previous year, but services exports continued to grow. Imports of both goods and services were smaller than in February last year. The annual payments in to the budget of the European Union increased the outflow of income and the negative income account led the current account into deficit too.
The sum total of the current and capital accounts was negative in February. This means that the Estonian economy was a net borrower from the rest of the world, so the country as a whole received more resources from abroad than it invested there.
Eesti Pank is publishing the flash estimate of the balance of payments monthly for the last month but one. From January 2015 Eesti Pank is accompanying the publication of the flash estimate with a short comment. The statistics on the first quarter of 2015 will be published with a comment on 9 June.
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 further information:
Eesti Pank Statistics Department
Telephone: +372 668 0906
Email: synne.korasteljov [at] eestipank.ee