Exports of both goods and services increased in May

The flash estimate1 put the Estonian current account at 42 million euros in surplus in May 2017. The surplus on the goods and services account was 76 million euros, which was 7 million euros more than a year earlier. Goods exports were up by 12% over the year and imports by 10%, meaning the deficit on the goods account narrowed by 13 million euros to 85 million euros. The surplus on the services account was 161 million euros, which was 5 million euros less than at the same time a year earlier. Services exports grew by 5% and imports by 10%. The net outflow on the primary and secondary income accounts increased by 14 million euros to 34 million euros.

The current and capital accounts were in surplus by a total of 21 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.

1The 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.

Source: Bank of Estonia 

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