The surplus on the current account in June was the largest this year

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The flash estimate1 put the Estonian current account at 94 million euros in surplus in June 2018. The surplus on the goods and services account increased by a quarter from a year earlier to 139 million euros. Goods exports were up by 11% over the year and imports by 8%, meaning the deficit on the goods account was 20 million euros narrower than in June 2017 at 74 million euros. The surplus on the services account is typically large in the summer months and it stood at 212 million euros. Both exports and imports of services were up 4% over the year. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 7 million euros to 45 million euros.

The current and capital accounts were in surplus by a total of 93 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 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 second quarter of 2018 on 6 September 2018.

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: 668 0906

Email: synne.korasteljov [at] eestipank.ee