Growth accelerated in the third quarter supported by strong exports. According to Statistics Estonia, gross domestic product (GDP) rose 5.0% over the same period last year, which was above the 4.7% expansion reported in the flash estimate on 11 November. The reading represented an improvement compared to the 3.1% expansion observed in the second quarter and marked the second consecutive quarter of positive growth, after more than two years of declining output. The third quarter reading reflected a solid recovery of exports, which was partially offset by an improvement in imports, fuelled by accelerating domestic demand. Private consumption rebounded to a 1.1% expansion (Q2: -3.2% year-on-year). Meanwhile, gross fixed investment contracted 10.3% over the same period last year, up from the 17.1% decline in Q2. In addition, domestic demand benefited from an increase in inventories, which contributed with 6.7 percentage points to overall economic growth. In the external sector, exports grew 24.0% (Q2: +18.0% yoy), fuelled by industrial products. Meanwhile, imports improved from a 23.0% expansion in Q2 to a 29.0% increase in the third quarter. As a result, the net contribution from the external sector to overall growth remained positive but deteriorated further from 0.9 percentage points in the second quarter to 0.4 percentage points in the third. A quarter-on-quarter analysis does not corroborate the acceleration suggested by the annual figures, as the economy expanded a seasonally and working day adjusted 0.7% over the previous quarter, which was well below the 1.9% expansion recorded in the second quarter. According to the Finance Minister, the recovery is likely to slow in the fourth quarter (due to a higher base effect) but confirmed that full-year growth will exceed the 2.0% expected in August.
Economy grows faster than previously reported in the third quarter
December 9, 2010
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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).