Economic growth accelerated in the 3rd quarter

news release no 143

According to flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 3.4% in the 3rd quarter of 2012 compared to the same quarter of the previous year.

The seasonally and working-day adjusted GDP growth accelerated to 1.7% compared to the previous quarter.

The economic activities in the domestic market mainly contributed to the GDP growth. Construction, information and communication activities contributed the most successively to the growth already for the fifth quarter in succession. Trade, transport, professional, technical and administrative and support service activities contributed moderately to the economic growth.

The economic growth in Estonia depends considerably on foreign demand, whereas the main exporters are manufacturing enterprises. According to the preliminary calculations, the contribution of manufacturing, as the biggest economic activity, was continually negative to the economic growth. At the same time, the real growth of export of goods of the total economy accelerated to 6%, whereas import accelerated to 9%.

GDP, growth of the export and import of goods compared to the same quarter of the previous year, 1st quarter 2008 – 3rd quarter 2012

Diagram: GDP, growth of the export and import of goods compared to the same quarter of the previous year, 1st quarter 2008 – 3rd quarter 2012

The second estimate of the GDP of the 3rd quarter of 2012 will be published by Statistics Estonia on 10th December.

For further information:

Tõnu Mertsina
Head of National Accounts Service
Statistics Estonia
Tel +372 625 9353