Bank of Estonia: Faster growth in imports behind January account deficit
Bank of Estonia's (Eesti Pank) January 2023 flash estimate for the balance of payments, puts the Estonian current account at €90 million in deficit. At the same time last year, the balance was €24 million in the black.
Services exports were up by 16 percent on year, while imports rose by 15 percent, meaning the surplus on the services account increases by €33 million to €173 million.
Exports of goods increased by 1 percent on year and imports by 8 percent. This meant that the negative balance in goods grew by €111 million to €202 million.
The combined outgoings from the primary and secondary income accounts increased to €60 million. The current and capital accounts were in deficit by a total of €87 meaning the Estonian economy as a whole received more financial from outside the country than it invested abroad.
Bank of Estonia publishes a statistical release on the the flash estimate of the balance of payments monthly for the last month but one.
More detailed information can be found on Bank of Estonia's website here.
Bank of Estonia's statistical release is independent of economic policy releases and presented separately.
The central bank will publish the balance of payments for the first quarter of 2023 on June 12.
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. More information on the principles used to calculate the flash estimate can be found here.
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Editor: Michael Cole