Volkswagen deal leads Estonia's payment balance to €600 million deficit
According to a Bank of Estonia (Eesti Pank) flash estimate, Estonia's current balance of payments account is at a â¬665 million deficit; the extraordinary deficit is mainly linked to a software company created in Estonia recently, which is a subsidiary of German automaker Volkswagen. "Foreign investment in software development for car production increased imports of computer services in December and through that increased the current account deficit," the Bank of Estonia wrote on Monday. The central bank's flash estimate puts Estonia's balance of payments account in December at negative ...
Source: news.err.ee