Estonia: Economic growth slows substantially in the first quarter
May 13, 2013
According to the flash estimate released by Statistics Estonia (SE), in the first quarter GDP expanded 1.0% over the same period last year, which was well below the 3.7% increase recorded in the fourth quarter. In seasonally and working-day adjusted terms, GDP fell 1.0% quarter-on-quarter, which contrasted the 0.9% increase tallied in Q4.
According to SE, information and communication activities, trade as well as manufacturing contributed most to GDP growth in Q1, followed by retail sales. On an expenditure basis, export growth accelerated in the first quarter. A more complete dataset for national accounts will be released on 10 June.
The Central Bank expects GDP growth to reach 3.0% this year and 4.0% in 2014. FocusEconomics Consensus Forecast participants see the economy growing 3.0% in 2013, which is down 0.1 percentage points from last month's estimate. In 2014, economic growth is expected to accelerate to 3.6%.