Analytics, Banks, Estonia, Financial Services

International Internet Magazine. Baltic States news & analytics Tuesday, 02.06.2020, 11:13

Estonia's current account balance was negative by EUR 45 mln in March

BC, Tallinn, 14.05.2019.Print version
Estonia's current account ran a deficit of 45 mln euros in March 2019, it appears from a flash estimate published by the central bank on Tuesday.

The balance of the goods and services account, which had been in surplus by 25 mln euros in March, was in deficit by 24 mln euros in March 2019. Goods exports were up by 7% over the year and imports by 9%, meaning that the deficit on the goods account widened by 27 mln euros to 116 mln euros.

The export of services grew 2 % over the year and the import of services was up 8 %. The positive balance on the services account was 93 mln euros, 22 mln euros smaller than the year before. The net outflow of investment income and current transfers, or the primary and secondary income accounts, totaled 21 mln euros in March.

The surplus on the capital account helped balance the current account deficit, and so the current and capital accounts together were in surplus by 22 mln euros, meaning that the Estonian economy was a net lender to the rest of the world, meaning that the country as a whole invested more financial assets abroad than it received from there.

The Bank of Estonia publishes the flash estimate of the balance of payments monthly for the last month but one.

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