Estonia GDP


Economic growth undershoots market expectations

According to the flash estimate released by Statistics Estonia (SE), GDP expanded 1.3% over the same period last year in Q2, which was an increase over the 1.1% rise recorded in Q1. The reading came in well below market expectations of a 2.6% expansion.

In seasonally and working-day adjusted terms, GDP rose 0.1% quarter-on-quarter, which contrasted the 1.0% drop tallied in the first quarter. As a result, Estonia escaped a technical recession.

According to SE, manufacturing was the greatest contributor to second quarter GDP growth. A more complete dataset for national accounts will be released on 9 September.

The Central Bank expects GDP growth to reach 2.0% in 2013 and 4.2% in 2014. FocusEconomics Consensus Forecast participants see the economy growing 3.0% in 2013, which is down 0.1 percentage points from last month's estimate. In 2014, economic growth is expected to accelerate to 3.6%.


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Estonia GDP Chart

Estonia GDP Q2 2013

Note: Year-on-year changes of GDP in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.

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