Central bank: Estonia's external economic activity fell in June

Shipping containers and tank cars. Photo is illustrative.
Shipping containers and tank cars. Photo is illustrative. Source: Siim Lõvi /ERR

A flash estimate put Estonia's current account at €20 million in deficit in June, up from a €92 million deficit in June 2022, with both exports and imports of goods falling by 10 percent but service exports up 3 percent and imports 2 percent on year, bumping the services account surplus by €12 million to €238 million, according to a statistical release published by the Bank of Estonia on Monday.

Flash estimates published monthly

The Bank of Estonia publishes the flash estimate of the balance of payments for the month before last on a monthly basis.

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.

The central bank will publish the balance of payments for the second quarter of 2023 in September.

The Bank of Estonia's statistical release is independent of economic policy releases and presented separately.


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Editor: Aili Vahtla

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