The surplus on the goods and services account in August was the largest this year

The flash estimate1 put the Estonian current account at 43 million euros in surplus in August 2018. Turnover was up on the previous August for both goods and services, though faster growth in imports meant the total surplus of goods and services shrank to 108 million euros. Goods exports increased by 4% while larger inflows of mineral products led goods imports to increase by 6%. The deficit on the goods account increased by 25 million euros to 82 million euros. The surplus on the services account is typically large in the summer months and it stood at 191 million euros. Services exports were up 7% over the year and imports 9%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 27 million euros to 65 million euros.

The current and capital accounts were in surplus by a total of 71 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 third quarter of 2018 on 6 December 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