The current account was in deficit in January

The flash estimate1 put the Estonian current account at 55 million euros in deficit in January 2016. This was mainly because the deficit on the goods account was larger than in January 2015. Exports of goods were some 9% down on a year earlier, while imports were up 2.4% over the same period. One factor affecting imports of goods was the acquisition of fuel stocks, as it was known that excise on fuel was due to rise. Exports of services increased, while imports were at the same level as in January 2015. Flows of transport services declined, while exports and imports of all other services increased. Even though the capital account balance was positive, the total of the current and capital accounts was negative. This means that the Estonian economy was a net borrower from the rest of the world, so the country as a whole received more funds from abroad than it invested there.

Eesti Pank is publishing the flash estimate of the balance of payments monthly for the last month but one. Eesti Pank will publish the balance of payments for 2016 on 9 March 2016.


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 better graph here)

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