Transactions on the financial account set the tone for the balance of payments in June
The flash estimate1 put the Estonian current account at 41 million euros in surplus in June 2019. There were two fewer working days in June this year than in June last year, and that affected the turnover of both exports and imports. The surplus on the goods and services account was the same as a year earlier at 113 million euros. Goods exports and imports were both up by 1% over the year, and the deficit on the goods account narrowed by 4 million euros to 74 million euros. Exports and imports of services were also little changed from what they were a year earlier. The surplus on the services account was 187 million euros, which was 5 million euros less than at the same time a year earlier. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 20 million euros to 72 million euros. The current and capital accounts were in surplus by a total of 80 million euros.
Several large bond issues increased Estonia’s debt securities liabilities to the rest of the world in June.
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