In the third quarter, GDP grew 3.5% over the same period over the same period of the previous year, which was above November's flash estimate of a 3.4% increase and the 2.2% rise seen in the second quarter. The reading mainly reflected an acceleration in domestic demand. Private consumption grew 6.5% in the third quarter (Q2: +1.9% year-on-year), whereas government consumption slowed from a 4.3% expansion in the second quarter to a 0.8% rise in the third. In addition, fixed investment grew an impressive 33.8% in the third quarter (Q2: +25.8% yoy). Exports of goods and services slowed from a 4.3% increase in the second quarter to a 2.9% expansion in the third, whereas imports accelerated from a 5.9% rise in Q2 to an 8.9% increase in Q3. As a result, the external sector's net contribution to economic growth deteriorated from minus 1.1 percentage points in the second quarter to minus 5.4 percentage points in the third. A quarter-on-quarter comparison corroborates the acceleration suggested by annual data, as GDP rose a seasonally and calendar-day adjusted 1.6% over the previous quarter, which was above the 0.9% rise tallied in Q2.
Economic growth accelerates in the third quarter
December 10, 2012
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Estonia GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.
Estonia Economic News
October 14, 2016
In September, consumer prices inched up from a 0.1% month-on-month increase in August to 0.2%.
September 30, 2016
According to Statistics Estonia, industrial production expanded a working-day adjusted 1.0% over the same month last year in August, which came in below the 2.2% increase registered in July.
September 8, 2016
In the second quarter, the economy expanded a modest 0.8% over the same quarter of the previous year, according to the revised data published by Statistics Estonia (SE) on 8 September.
September 7, 2016
In August, growth in consumer prices inched up from a flat reading in July to 0.1%.
August 31, 2016
According to Statistics Estonia, industrial production expanded a working-day adjusted 2.2% over the same month last year in July, which contrasted the revised 3.6% contraction registered in June (previously reported: -4.6% year-on-year).