News
Estonian current account in surplus
15.06.2009
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BBN: Estonia had a current-account surplus for the third month in April as a deepening recession slashed imports more than exports, Bloomberg reports. The surplus, the broadest measure of the difference between money flowing into the country and funds flowing out, was 46.2 million krooni, the Tallinn-based central bank said on its Web site today. Deficits in February and March were revised to surpluses of 49.4 million krooni and 143.4 million krooni, respectively. |
A current-account surplus lowers the vulnerability of the Estonian economy to the global credit crisis at a time when the former Soviet Baltic republic has plunged into its worst recession since regaining independence in 1991, analysts said. Estonia's economy contracted a record 15.1 percent in the first quarter from a year earlier, the second-weakest performance in the 27-member European Union behind Latvia. |
