Estonia's Q1 GDP growth 3.9% y-o-y on construction, trade
11.05.2012, 11:47Estonia's economy expanded by 3.9% year-on-year in the 1st quarter of 2012 mainly due to the increase in value added in construction and trade sectors, according to the preliminary calculations of the statistical office Eesti Statistika. At the same time, industry, the growth engine of previous quarters, switched on reverse.
According to Eesti Statistika, the construction as well as the retail and wholesale trade sectors contributed to over half of the GDP's yearly growth in Q1. While the construction sector was supported by increased renovation and refurbishing activities, largely financed by the state spending the proceeds from the sale of the excess CO2 quota, the trade expanded mostly due to the rise in sales of food products.
Industry, that fuelled the GDP growth since the beginning of the recovery (2nd quarter 2010), contributed negatively to the growth of the economy in Q1 2012. The value added dropped the most in the electronics and metal products manufacturing as well as energy production. The decrease in domestic energy production was influenced by a relatively milder weather in average in Q1 2012 compared to Q1 2011, as well as more favourable price of imported electric energy. The value added in manufacturing, in turn, dropped due to diminishing exports.
The GDP grew by 0.5% in Q1 compared to the previous quarter, seasonally and workday-adjusted, according to Eesti Statistika.
Of Baltic countries, Latvia showed the fastest growth of economy in the first three months of the year, posting a 6.8% y-o-y rise of the GDP. Lithuania's economy expanded by 4.3% y-o-y in Q1.
Estonian GDP change y-o-y:
Q1 2012: 3.9%
Q4 2011: 4.5%
Q3 2011: 8.5%
Q2 2011: 8.4%
Q1 2011: 8.5%
Q4 2010: 6.7%
Q3 2010: 5.0%
Q2 2010: 3.1%
Q1 2010: -2.6%