Estonian economy grew in the 1st quarter

According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased 1.2% in the 1st quarter of 2015 compared to the 1st quarter of 2014.

In the 1st quarter of 2015, the seasonally and working-day adjusted GDP decreased by 0.3% compared to the previous quarter and increased by 1.8% compared to the 1st quarter of 2014.

According to the preliminary calculations, manufacturing was the main contributor to the GDP growth in the 1st quarter of 2015, mainly due to the increase in the manufacture of electronic equipment, mineral products and wood products. The value added of manufacturing depends substantially on exports. The real growth of the export of goods of the total economy was 3% in the 1st quarter, mainly due to the increase in the export of electronic equipment and mineral products. At the same time, the real import of goods grew 1%.

In addition, the GDP growth in the 1st quarter was positively influenced by the net taxes of products. There were increased receipts at current prices of value added tax and excise taxes on fuel and tobacco. However, receipts of alcohol excise decreased compared to the 1st quarter of 2014. Payments of subsidies decreased as well.

In the 1st quarter of 2015, the Estonian economy was inhibited the most by the decrease in value added in transport.Diagram: Real growth of GDP, export and import of goods compared to the corresponding quarter of the previous year

The flash estimate is calculated only by production method using the information from the Estonian Tax and Customs Board and data derived from monthly statistical surveys. Therefore, the flash estimate may differ from the revised estimates of the GDP, which are calculated by expenditure, production and income method using quarterly data. The revised estimates for the 1st quarter of 2015 will be published by Statistics Estonia on 9 June 2015.

Source: Statistics Estonia

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