Estonia GDP

Estonia

Estonia: Economy expands at a brisk rate in Q2

August 11, 2011

According to the flash estimate released by Statistics Estonia (SE), GDP expanded 8.4% over the same quarter last year, virtually unchanged from the 8.5% increase tallied in the first quarter. In seasonally and working-day adjusted terms, GDP rose by 1.8% quarter-on-quarter (Q1 2011: +2.4% qoq). According to the press release, the manufacturing sector was the main growth driver in the second quarter, as has been the case in previous quarters. However, according to the SE, the manufacturing growth rate decelerated and its contribution to overall GDP growth declined in the second quarter. Full details of the national accounts data will be published on 8 September. In addition, on 9 August, Standard & Poor's raised Estonia's sovereign rating from A to AA- with a positive outlook, praising the country's robust economic growth and healthy public finances. This year, the Central Bank expects GDP growth to add 6.3% before decelerating to 4.2% in 2012. According to the flash estimate released by Statistics Estonia (SE), GDP expanded 8.4% over the same quarter last year, virtually unchanged from the 8.5% increase tallied in the first quarter. In seasonally and working-day adjusted terms, GDP rose by 1.8% quarter-on-quarter (Q1 2011: +2.4% qoq). According to the press release, the manufacturing sector was the main growth driver in the second quarter, as has been the case in previous quarters. However, according to the SE, the manufacturing growth rate decelerated and its contribution to overall GDP growth declined in the second quarter. Full details of the national accounts data will be published on 8 September. In addition, on 9 August, Standard & Poor's raised Estonia's sovereign rating from A to AA- with a positive outlook, praising the country's robust economic growth and healthy public finances. This year, the Central Bank expects GDP growth to add 6.3% before decelerating to 4.2% in 2012.


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