The flash estimate by the Bank of Estonia put the country’s current account at 206 million euros in deficit in August 2023. Exports of goods fell by 24% over the year and imports by 15%. This meant that the negative balance in goods’ growth and exports widened to 269 million euros. The biggest drops were in exports and imports of electrical energy.

Services exports were 2% less YoY while imports were at the same level as a year previously. The surplus on the services account fell to 187 million euros. Travel services increased while transport services decreased for both exports and imports.

The combined outflow from the primary and secondary income accounts reached 124 million euros. At the same time, the current and capital accounts were in deficit by a total of 180 mln, meaning the Estonian economy as a whole received more financial resources from abroad than it invested.

Companies and other financial intermediaries were net recipients of funds in the second quarter, while all other sectors of the economy were net providers. The consolidated debt of the economy did not grow during the second quarter, but it is up 9% on the year.

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