Transactions on the financial account set the tone for the balance of payments in December 2017
The flash estimate1 put the Estonian current account at 43 million euros in surplus in December 2017. The total surplus on the goods and services account was 64 million euros, which was 20 million euros more than a year earlier. Both exports and imports of goods increased by 4%. The larger volume of goods imports meant the deficit on the goods account increased by 6 million euros from December 2016 to 112 million euros. The surplus on the services account was 26 million euros larger than a year earlier at 176 million euros. Services exports grew by 7% and imports by 3%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 4 million euros to 21 million euros.
The current and capital accounts were in surplus by a total of 87 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.
The financial account was affected in December by the transactions of non-financial corporations. At the end of the year non-financial corporations reduced their liabilities and investment and pension funds changed their investment portfolio structure.
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 2017 on 8 March 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.
Eesti Pank Statistics Department
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