Estonia GDP


Estonia: GDP moderates slightly in Q3, exports rebound to growth

November 11, 2014

According to the flash estimate released by Statistics Estonia (SE) on 11 November, Q3 GDP expanded 2.1% over the same period of last year. The result was slightly below the 2.4% growth recorded in Q2.

In seasonally and working-day adjusted terms, GDP increased 0.2% quarter-on-quarter, which was weaker than the 0.5% expansion tallied in the second quarter.

According to SE, the expansion in Q3 mainly was driven by growth in the manufacturing sector, particularly of electronics and wood. Moreover, exports increased 6.6% in Q3, which marked the first growth after declines were registered in the four previous quarters. A more complete dataset for national accounts will be released on 9 December.

The Central Bank expects GDP growth to reach 2.1% in 2014 and 2.5% in 2015. FocusEconomics Consensus Forecast participants see the economy growing 1.4% in 2014, which is unchanged from last month’s estimate. In 2015, economic growth is expected to accelerate to 2.4%, which is also unchanged from last month’s forecast.

Author:, Economist

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Estonia GDP Chart

Estonia GDP Q3 2014

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

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