According to the flash estimate released by Statistics Estonia (SE) on 15 May, GDP contracted 1.9% over the same period of last year in Q1. The result contrasted the 0.3% rise recorded in Q4 and marked the sharpest decline since Q1 2010. In seasonally and working-day adjusted terms, GDP declined 1.2% quarter-on-quarter, which followed the 0.1% drop tallied in the fourth quarter. According to SE, the contraction in Q1 was mainly driven by a drop in exports of manufactured goods, including electronics and chemical products. Low energy output due to the mild winter also impacted the result. A more complete dataset for national accounts will be released on 9 June.
GDP contracts in Q1 for first time in four years
May 15, 2014
Author: Carl Kelly, Economist
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Estonia GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.
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