The Estonian economy grew 0.7 pct in 2015 4Q

According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased 0.7% in the 4th quarter of 2015 compared to the 4th quarter of 2014.

In the 4th quarter of 2015, the seasonally and working-day adjusted GDP increased by 1.2% compared to the previous quarter and by 0.9% compared to the 4th quarter of 2014.

GDP growth in the 4th quarter was positively influenced by net taxes on products. The receipts of value added tax and payments of subsidies increased.

In the 4th quarter of 2015 foreign demand decreased. The export of goods of the total economy decreased at real prices by 4% compared to the 4th quarter of 2014. Additionally, the real import of goods of the total economy decreased 3% compared to the same quarter of the previous year. According to the preliminary estimates, the Estonian foreign trade was influenced the most by the decrease in the exports and imports of mineral products (incl. motor spirit, fuel oils, gas) and electrical equipment.

Diagram: GDP, growth of the export and import of goods compared to the same quarter of the previous year

The flash estimate of economic growth is calculated only by production approach using VAT return information from the Estonian Tax and Customs Board and data from various statistical actions of Statistics Estonia which have been obtained by the time of preparing the estimate. Therefore, the flash estimate may differ from the revised estimates of the GDP, which are based on the respective quarterly data and calculated by expenditure, production and income approach.

The revised GDP estimates for the 4th quarter of 2015 will be published by Statistics Estonia on 10 March.

Source: Statistics Estonia

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