Economy grew 8.4% in the 2nd quarter
According to Statistics Estonia, by flash estimates, the gross domestic product (GDP) of Estonia increased by 8.4% in the 2nd quarter of 2011 compared to the same quarter of the previous year.
Compared to the previous quarter, the seasonally and working-day adjusted GDP grew by 1.8%.
Continually, a rapid growth of the value added in manufacturing contributed the most to the GDP growth. At the same time, the growth rate of the value added in this economic activity decelerated and its contribution to the GDP growth diminished.
The flash estimate of economic growth has been calculated according to the new Classification of Economic Activities and revised time series. Therefore, the GDP values and growth rates currently available in the Statistical Database of Statistics Estonia are not one-to-one comparable to the growth rate presented in this news release.
The GDP time series is revised on the basis of the new Classification of Economic Activities and the Statistical Classification of Products by Activity and is recalculated by double deflation for the first time in Estonia, too. In addition, the 2007 national accounts are revised on the basis of Supply and Use Tables and the 2009 national accounts are revised on the basis of the Structural Business Survey. According to preliminary calculations, the real growth rates of annual GDP will change from the year 2002 onwards by -1.4 to +0.6 percentage points due to the abovementioned methodological changes.
Besides the previously referred revisions, the reference year for calculating the GDP by chain-linked method will be shifted from 2000 to 2005. Chain-linked indices and values calculated by chain-linked method will change with the switching to the reference year 2005, although the growth rates of the GDP and of its components will remain unchanged.
The second estimate of the GDP for the 2nd quarter of 2011 calculated by production, expenditure and income approaches will be published by Statistics Estonia on 8 September 2011. Concurrently, the revised time series data of the GDP from 2002 onwards will be released, followed by the revised data of 2000–2001 on 28 October 2011 and the time series data of 1995–1999 in September 2012.
On 8 September, a briefing about the revision of GDP will be held in Statistics Estonia. More detailed information about the briefing will be released on 31 August at the latest.
For additional information about revisions please see http://www.stat.ee/dokumendid/53247.
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