Transactions on the financial account set the tone for the balance of payments in September



The flash estimate1 put the Estonian current account at 76 million euros in surplus in September 2017. The surplus on the goods and services account was 116 million euros, which was 14 million euros less than a year earlier. Goods exports were down by 1% over the year and imports increased by 2%, and so the deficit on the goods account increased by 32 million euros over the year to 53 million euros. The surplus on the services account was 169 million euros, up 18 million euros over the year. Services exports grew by 7% and imports by 5%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 4 million euros to 40 million euros.

The current and capital accounts were in surplus by a total of 76 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 most by structural changes at credit institutions, which resulted in a reduction of 440 million euros in the net liabilities of credit institutions to the rest of the world. At the same time, companies’ loan liabilities from resident credit institutions were replaced with liabilities to foreign credit institutions.

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 third quarter of 2017 on 7 December 2017.

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: [email protected]