Estonia GDP Q2 2016


Estonian economy grows at the slowest pace in three years

According to a flash estimate issued by Statistics Estonia (SE) on 11 August, the Baltic economy decelerated from Q1’s 1.7% growth in annual terms to 0.6% in Q2. Q2’s deceleration marked the slowest expansion in three years. According to SE’s preliminary estimates, growth was “negatively influenced by net taxes on products” which dragged down an expansion in exports.

In seasonally- and working-day adjusted terms, GDP increased 0.3% quarter-on-quarter in the second quarter, which marked a softer expansion than the 1.2% increase tallied in the first quarter. More detailed data for national accounts will be released on 8 September.

The Central Bank expects GDP growth to reach 1.8% in 2016 and 2.9% in 2017. Analysts polled by FocusEconomics foresee the economy growing 2.0% in 2016, which is unchanged from last month’s estimate. In 2017, economic growth is expected to grow 2.1%.

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Estonia GDP Chart

Estonia GDP Q2 2016 1

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

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