Estonia ran €105 million current account surplus in August

Bank of Estonia coat of arms.
Bank of Estonia coat of arms. Source: Siim Lõvi /ERR

A flash estimate published by the Bank of Estonia on Wednesday shows the current account of Estonia as having been €105 million in surplus in August 2020.

The turnover of the export and import of goods and services was smaller by 14 percent than in August 2019, which represents a fall similar to the ones seen in the two preceding months, the central bank said.

The export of goods declined by 4 percent and the import of goods by 5 percent compared with the previous year, and the deficit on the goods account was five million euros smaller than a year earlier at €50 million.

The export of services dropped 30 percent year over year and services imports were smaller by 38 percent. The biggest reduction was registered in the turnover of travel services and passenger transport services, while services connected to the transport of goods were unchanged over the year. At €170 million, the surplus in services was €11 million smaller than in August of last year.

Investment income fell substantially, as a result of which the total negative balance of primary and secondary income fell to €15 million. 

The central bank publishes the flash estimate of the balance of payments monthly for the last month but one. It will publish the balance of payments for the third quarter of 2020 on December 8, 2020.


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Editor: Helen Wright

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