The flash estimate1 put the Estonian current account at 62 million euros in deficit in March 2015. Exports of both goods and services were higher than in March last year and imports of goods were also higher, though imports of services were smaller than a year ago. Foreign investment dividends paid and received dominated in incomes.
The current and capital accounts were also negative in March. This means that the Estonian economy was a net borrower from the rest of the world, so the country as a whole received more resources from abroad than it invested there.
Eesti Pank publishes the flash estimate of the balance of payments monthly for the last month but one. From January 2015 Eesti Pank accompanies the publication of the flash estimate with a short comment. The statistics on the first quarter of 2015 will be published with a comment on 9 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 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.
See graph here: Bank of Estonia
Filed under: Economy in general |