Estonia GDP

Estonia

Estonia: GDP expands in Q2 at fastest pace in six quarters

August 11, 2014

According to the flash estimate released by Statistics Estonia (SE) on 11 August, Q2 GDP expanded 2.2% over the same period of last year. The result contrasted the 1.4% contraction recorded in Q1 and marked the strongest expansion since Q4 2012.

In seasonally and working-day adjusted terms, GDP increased 0.5% quarter-on-quarter, which contrasted the 1.2% decline tallied in the first quarter.

According to SE, the expansion in Q2 mainly was driven by growth in the manufacturing sector, particularly of wood and coke. However, weak external demand continues to put a damper on export growth. Exports in Q2 contracted 3.5% over a year ago, which marked the fourth consecutive quarter with a decline. A more complete dataset for national accounts will be released on 8 September.

The Central Bank expects GDP growth to reach 0.7% in 2014 and 3.9% in 2015. FocusEconomics Consensus Forecast participants see the economy growing 1.3% in 2014, which is unchanged from last month’s estimate. In 2015, economic growth is expected to accelerate to 2.8%.


Author:, Economist

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