Budget, Estonia, Financial Services, GDP

However, this does not reflect the strength of Estonian exports so much as a general decline in the trade of goods, the central bank said. Although both exports and imports of goods and services fell, it was the faster decline in imports that caused the surplus in goods and services to grow. 

The current account surplus also increased because the outflow of investment income slowed as large-scale extraordinary dividends were paid out by the banking sector in the middle of the year, and the income tax paid on these dividends to the Estonian state principally slowed the outflow.

A little more was received from the European Union structural funds for infrastructure development than in 2014. The outflow of capital from the financial account was one billion euros larger than the inflow and the main channel for the outflow was portfolio and other investment.

The direct investment account had a surplus of 174 mln euros in 2015, which equals 0.9% of the GDP of the same year, but at the same time direct investment in Estonia fell 74%.

Direct equity investments by Estonian enterprises decreased by 1.03 billion euros last year. The biggest decreases were registered in investment in financial mediation and head office activities, which fell by respectively 437 mln and 357 mln euros.

Residents' direct investment abroad grew by 291 mln euros and non-residents' direct investment in Estonia, by 117 mln euros.

According to preliminary data the central bank published in March, the current account had a surplus of 394 mln euros last year.