Estonia: Economic growth slows down in Q3
November 11, 2013
According to the flash estimate released by Statistics Estonia (SE), GDP expanded 0.4% over the same period last year in Q3, which was a decrease over the 1.1% rise recorded in Q2.
In seasonally and working-day adjusted terms, GDP rose 0.4% quarter-on-quarter, which contrasted the 0.2% drop tallied in the second quarter.
According to SE, the slowdown in Q3 was mainly driven by a contraction in the construction sector. A more complete dataset for national accounts will be released on 9 December.
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 1.7% in 2013, which is down 0.1 percentage points from last month's estimate. In 2014, economic growth is expected to accelerate to 3.5%, which is unchanged from last month's forecast.
Author: Carl Kelly, Economist