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BNS - Estonia's current account shortfall in January 2009 measured half a billion kroons (EUR 32 mln), a six times smaller figure than in January 2008, according to a flash estimate by the central bank published on Tuesday.
Compared with December the size of the deficit was basically unchanged.
The reduction of the deficit in January was mainly the result of smaller deficits of the goods and income accounts, the Bank of Estonia said.
The foreign trade gap narrowed 2.5 times in comparison with January 2008 to 1.1 billion kroons as the export and import of goods declined by respectively 29 percent and 35 percent compared with a year ago.
The services account boasted a surplus of 1.3 billion kroons, which is more or less equal with the surplus in January and December 2008.
Net outflow of the income account nearly halved and outflow of income surpassed inflow by 0.9 billion kroons.
Income earned by Estonian residents abroad dropped by a third to 0.9 billion kroons. Income earned by non-residents in Estonia fell 40 percent to 1.8 billion kroons.
For the second month in a row Estonia saw a net outflow of foreign direct investments in January, with 0.9 billion kroons more going out of the country than coming in during the month, the central bank said.
(EUR 1 = EEK 15.65)
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