The Central Bank of Estonia published new balance of payments data showing Estonia received net EUR 845 million in direct investment in 2024, while dividend payments to foreign owners surged as companies brought distributions forward ahead of a dividend tax increase. In the fourth quarter of 2024, foreign-owned non-financial companies paid EUR 453 million in dividends to owners abroad, and the current account posted a surplus of EUR 153.5 million, equal to 1.4% of GDP. Direct investment inflows were largest from the Netherlands, Brazil and Germany. Foreign trade picked up in Q4, with turnover of goods exports up 7% year on year and goods imports up 8%, while services exports rose 6% and services imports 7%; wood and wood products led goods export growth (+18%), and telecommunications and computer services drove services export growth (+11%). The services account surplus reached EUR 726 million in Q4 and the current account was also supported by a surplus on the secondary income account, while import growth was boosted by transport vehicle purchases amid a late-year boom in car sales.
Central Bank of Estonia 2025-03-12
Central Bank of Estonia reports EUR 845 million net direct investment and EUR 453 million Q4 dividend outflows in latest balance of payments data
The Central Bank of Estonia reported net EUR 845 million in direct investment in 2024, with significant inflows from the Netherlands, Brazil, and Germany. Dividend payments to foreign owners surged as companies advanced distributions ahead of a dividend tax increase, with EUR 453 million paid in Q4. The current account posted a surplus of EUR 153.5 million, supported by strong foreign trade and a services account surplus of EUR 726 million.