Estonia GDP


Estonia: GDP slows markedly in the first quarter of 2015

May 12, 2015

According to the flash estimate released by Statistics Estonia (SE) on 12 May, the Estonian economy expanded 1.2% in Q1 2015over the same quarter last year. The result marked a deceleration from the 3.0% growth tallied in Q4. According to SE, growth was held back by a decrease in the transportation sector. In contrast, the manufacturing sector was the main contributor to growth, particularly in electronics, mineral and wood products. In addition, exports expanded 3.0% in the first quarter.

In seasonally- and working-day adjusted terms, GDP fell 0.3% quarter-on-quarter in Q1, which contrasted the mild 1.2% expansion tallied in the fourth quarter. More detailed data for national accounts will be released on 9 June.

The Government expects GDP growth to reach 2.0% in 2015 and 2.8% in 2016. FocusEconomics Consensus Forecast participants see the economy growing 2.1% in 2015, which is up 0.1 percentage points from last month’s estimate. In 2016, economic growth is expected to accelerate to 2.7%.

Author: Angela Bouzanis, Senior Economist

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