The surplus on the current account in May was the largest this year
The flash estimate1 put the Estonian current account at 108 million euros in surplus in May 2019. The surplus on the goods and services account increased by 41 million euros from a year earlier to 151 million euros. Goods exports were up by 10% over the year and imports by 7%, meaning the deficit on the goods account narrowed by 32 million euros to 53 million euros. Services exports were up 3% over the year and imports 2%. The surplus on the services account was 204 million euros, which was 9 million euros more than at the same time a year earlier. The net outflow of investment income and current transfers, or the primary and secondary income accounts, totalled 43 million euros in May.
The current and capital accounts were in surplus by a total of 156 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 2019 on 10 September 2019.
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