Bank of Estonia: Exports drag March current account deficit deeper

A flash estimate put Estonia's current account at €121 million in deficit in March, down from a €37 million deficit in March 2023, with goods exports down 14 percent and imports 12 percent but service exports and imports up 1 and 3 percent, respectively, on year, according to a statistical release published by the Bank of Estonia on Tuesday.
Flash estimates monthly, full stats quarterly
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 first quarter of 2024 in June.
The Bank of Estonia's statistical release is independent of economic policy releases and presented separately.
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Editor: Aili Vahtla