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

The flash estimate1 put the Estonian current account at 65 million euros in surplus in October 2018. The surplus on the goods and services account decreased by a tenth from a year earlier to 72 million euros. Exports and imports of goods were the largest of the year, as goods exports were up by 9% over the year and imports by 11%, meaning the deficit on the goods account was 32 million euros wider than in October last year at 95 million euros. This was partly offset by the surplus of 23 million euros on the services account. The positive balance of services was 167 million euros, as services exports were up 12% over the year and imports 10%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, fell by half over the year to 6 million euros.

The current and capital accounts were in surplus by a total of 98 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 fourth quarter of 2018 on 12 March 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.

Additional information:
Tarass Snitsarenko
Eesti Pank Statistics Department
Telephone: 668 0902