The turnover of goods and services grew strongly in July
The flash estimate1 put the Estonian current account at 11 million euros in surplus in July 2018. Turnover was up strongly on the previous July for both goods and services, though faster growth in imports meant the total surplus of goods and services shrank by 69 million euros. Exports and imports of goods both grew equally by 11%, but the larger volume of imports meant that deficit on the goods account was 20 million euros wider than in July 2017 at 142 million euros. The surplus on the services account is typically large in the summer months and it stood at 211 million euros. Services exports were up 11% over the year and imports 16%. The net outflow of investment income and current transfers, or the primary and secondary income accounts, increased by 37 million euros to 58 million euros.
The current and capital accounts were in surplus by a total of 50 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.
Eesti Pank Statistics Department
Telephone: 668 0906