Estonia: Economic growth beats forecasts
February 11, 2013
According to the flash estimate released by Statistics Estonia (SE), in the fourth quarter, GDP expanded 3.7% over the same period the previous year. The reading was above both the 3.5% increase recorded in the third quarter and market expectations of a 3.0% growth. In seasonally and working-day adjusted terms, GDP rose 0.9% quarter-on-quarter, which was weaker than the 1.6% increase tallied in the second quarter.
According to SE, construction, information and communication activities contributed the most to GDP growth in Q4, followed by trade and transport activities. On an expenditure basis, export growth accelerated in the fourth quarter. A more complete dataset for national accounts will be released on 11 March.
For the whole of 2012, the economy expanded 3.2%, well below the 8.4% expansion in 2011. The Central Bank expects GDP growth to reach 3.0% this year and 4.0% in 2014.