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Central bank: Import growth behind February current account deficit

Bank of Estonia (Eesti Pank) coat of arms.
Bank of Estonia (Eesti Pank) coat of arms. Source: Siim Lõvi /ERR

Estonia's current account deficit stands at €14 million for February, the Bank of Estonia reports.

According to the bank's flash estimate, exports of goods rose by 3 percent on year to February, while imports rose by 10 percent, which put the goods account in a deficit of €75 million.

The corresponding figures for services were 16 percent and 22 percent respectively, which led to a services account surplus of €143 million.

Meanwhile, outflow of income rose to €83 million, while the active take-up of infrastructure support from the EU meant the surplus on the capital account stood at €37 million, while the current and capital accounts combined were in surplus at €22 million, making Estonia a net lender to the rest of the world, the central bank says.

More information on the flash estimate on balance of payments is here.

The Bank of Estonia publishes its balance of payments monthly flash estimate each month, referring to the preceding month but one. The bank says it will publish its first quarter of 2021 balance of payment figures on June 9, bringing together a combined system of representative primary data sources wider than the monthly figure, and including surveys of companies, while the monthly balance of payments draws from a considerably smaller database.

Statistical releases are published by the Bank of Estonia together with statistical data. The release is independent of economic policy releases and is presented separately from them, the bank says.

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Editor: Andrew Whyte

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