Estonian GDP on the rise, exports down


The gross domestic product (GDP) of Estonia increased 2.2 percent in the third quarter of this year compared to the same period in 2013, a report by Statistics Estonia indicated today in their second estimate of the state of the economy in that period.

In the third quarter, the GDP at current prices was 4.9 billion euros. Seasonally and working-day adjusted GDP increased by 0.4 percent compared to the second quarter of this year, and 2.3 percent compared to the third quarter of 2013.

GDP growth was influenced the most by a rise in the value added in manufacture and trade areas. GDP growth was also positively influenced by increased receipts of Estonia’s value added tax on products. Decreased construction volumes were the main drag on economic growth, and also affected by a decrease in the transportation and real estate sectors.

The growth of domestic demand slowed down to 3 percent, accounting for 98.3 percent of the Estonian GDP.

The export of goods and services decreased 5 percent in the third quarter, and imports dropped 2 percent at real prices. Net export (e.g. the difference between export and import) amounted to 3.8 percent of the GDP in the third quarter.