Trade with the rest of the world was strong in November



The flash estimate1 put the Estonian current account at 114 million euros in surplus in November 2018. The surplus on the goods and services account increased by 30 million euros from a year earlier to 163 million euros. Goods exports were up by 11% over the year and imports by 7%, and so the goods account moved into surplus by 24 million euros for the first time in several years. The surplus on the services account declined by 9 million euros from a year earlier however, to 138 million euros. Services exports were up 2% over the year and imports 5%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 45 million euros to 48 million euros.

The current and capital accounts were in surplus by a total of 170 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

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:
Eesti Pank Statistics Department
Telephone: 668 0906