The flash estimate1 put the Estonian current account at 25 million euros in surplus in July 2015. Activity in the Estonian external economy has declined in recent months and the volumes of credit and debit on the current account have been smaller than a year earlier for four months. Exports of goods, services and investment income were all down in July and imports of goods, services and income were all less in July than they were a year previously.
Capital income was boosted by active use of grants from the European Union Structural Funds, and the surplus on the current and capital account stood at 56 million euros in July. The Estonian economy has been a net lender to the rest of the world throughout 2015, so the country as a whole invested more resources 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 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.
Source: Bank of Estonia (see graph here)
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