FX.co ★ Estonian Current Account Swings from Surplus to Deficit in Q3 2025

In a surprising turn of events, Estonia's current account balance has shifted from a surplus to a deficit between the second and third quarters of 2025. According to the most recent data updated on December 10, 2025, the marker for the current account as a percentage of GDP dropped from a surplus of 0.40% in Q2 2025 to a deficit of -1.10% in Q3 2025.

This 1.50 percentage point swing marks a significant change in the economic indicators for the Baltic nation and has sparked discussions among economists and policymakers about underlying causes and implications. Various factors, such as fluctuating export levels, import growth, and changes in foreign investments, could be contributing to this drastic shift.

The implications of this deficit could affect various aspects of Estonia's economic policy and future fiscal measures. As the government and economic observers delve into this development, insight into the causes behind this dramatic change in the current account balance will be crucial to address potential impacts on Estonia's economy going forward.