Exports of both goods and services increased in December 2016

The flash estimate1 put the Estonian current account at 65 million euros in surplus in December 2016. The surplus on the goods and services account doubled over the year to 74 million euros. The growth of 6% in goods exports at the end of the year was faster than the 5% in imports, so the deficit on the goods account narrowed to 112 million euros. The surplus on the services account was 186 million euros, which was 32 million euros more than at the same time a year earlier. Services exports increased by 11% because of growth in travel services and other services, while imports of services increased by only 6%. The net outflow on the primary and secondary income accounts totalled 9 million euros.

The current and capital accounts were in surplus by a total of 58 million euros in December. This meant that the Estonian economy has been a net lender to the rest of the world in the past nine months.

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. 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 fourth quarter of 2016 on 9 March 2017.

Source: Bank of Estonia (see better graph here)

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