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Friday, 09.12.2016, 13:31
The current account surplus diminished in the first half of the year, but in the third quarter it was again bigger than at the same time last year. One cause of the increase in the surplus was the broad-based acceleration in growth in exports of goods and services. At the same time, preliminary estimates show investment to have been less in the third quarter than at the same time a year ago, which held back growth in imports.
Keyword tags: Analytics, Banks, Direct Speech, Economics, Estonia, Financial Services, GDP
The surplus on the current account of the Estonian balance of payments reached a record level in the 3Q09.12.2016
The current account surplus was 289 mln euros in the third quarter of 2016, or 5.5% of GDP, having been 3.3% of GDP in the third quarter of 2015. The increase in the surplus was backed by growth in the surplus on goods and services and a reduction in the net outflow of investment income Exports of goods were 4.3 bln euros, and exports of services 3.9 bln, as exports grew at an accelerating rate. The net outflow of investment income fell by 15%.
The biggest passenger ferry of the listed Estonian shipper Tallink Grupp, Silja Europa, is to return to the Tallinn-Helsinki route on Monday, Dec. 12 after being refurbished for 16 mln euros, reports LETA/BNS.
Estonia's state-owend Tallinn Airport is to borrow more money in 2016-2020 for a 172 mln euro investment project in addition to the 30 mln euros it loaned from the European Investment Bank (EIB), but the volumes or lenders are not clear yet, reports LETA.
At a meeting of the Estonian Payment Environment Forum in Eesti Pank, the commercial banks confirmed that interbank payments have been being made earlier in the morning since 21 November 2016. Clients can now receive payments to their accounts from another bank earlier on the mornings of working days than before. This is one of the biggest changes affecting the speed of payments since the Estonian banks joined the Single Euro Payment Area (SEPA).
In November an unusually big amount of electricity flowed from Latvia to Estonia and from Estonia to Finland, compared with the usual trend of flowing from the Nordic countries to the Baltic countries, the Estonian transmission system operator Elering reports LETA.
The Estonian domestic passenger train operator Elron registered 6.2 mln boardings in the first 11 months of 2016, 3.3 % more than in the same period last year and the total number of boardings to be made by the end of the year is to total 6.8 mln, the company said LETA/BNS.