Bank of Estonia: July current account deficit deepens as exports down

Ship and cargo rail at the Port of Paldiski. Photo is illustrative.
Ship and cargo rail at the Port of Paldiski. Photo is illustrative. Source: Siim Lõvi/ERR

A flash estimate put Estonia's current account at €227 million in deficit in July, down from a €114 million deficit in July 2022, with goods exports down 23 percent and imports 15 percent and service exports down 2 percent but imports up 1 percent on year, according to a statistical release published by the Bank of Estonia on Wednesday.

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 December.

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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