Analytics, Banks, Estonia, Foreign trade

The surplus on the goods and services account increased from a year earlier to 96 mln euros. Goods exports and imports were both up by 9%, meaning the deficit on the goods account was 8 mln euros more than in May 2017 at 114 mln euros. Services exports were up by 8% and imports by 2%, meaning the surplus on the goods account widened by 37 mln euros to 210 mln euros. The net outflow of investment income and current transfers, or the primary and secondary income accounts, was the same as a year earlier at 40 mln euros.

The current and capital accounts were in surplus by a total of 84 mln 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.

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 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 

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 second quarter of 2018 on 6 September 2018.

Statistical releases are published by Eesti Pank together with statistical data. The release is independent of economic policy releases and is presented separately from them.