Analytics, Banks, Budget, Estonia, Financial Services

The flash estimate put the Estonian current account at 76 mln euros in surplus in November 2016. The surplus on the goods and services account was 45 mln euros larger than a year earlier at 107 mln euros. The growth of 8% in goods exports was faster than the 6% in imports, and this reduced the deficit on the goods account to 47 mln euros, the Bank of Estonia said. 

The surplus on the services account was 154 mln euros, which is 27 mln euros more than a year earlier. Services exports increased by 8% because of growth in exports of travel services and other services, though exports of transport services remain low. The net outflow on the primary and secondary income accounts totaled 31 mln euros, 7 mln euros more than at the same time a year earlier.

The current and capital accounts were in surplus by a total of 96 mln euros in November. This means that the Estonian economy has been a net lender to the rest of the world in the past eight months.