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Economy

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8. Decent Work and Economic Growth

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  3. 8. Decent Work and Economic Growth
The focus of the global goal “Decent Work and Economic Growth” is to ensure sustainable and environmentally friendly economic growth that would not involve excessive and unsustainable use of resources. Sustainable economic growth helps people escape poverty and find employment. The 2030 Agenda sets a target to achieve higher economic productivity, using diversification, technological upgrades and innovation, and focusing among else on sectors that have high value added and are labour-intensive. It is also expected that governments support the creation of decent jobs, entrepreneurship

Real GDP growth rate (chain-linked volume)

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  3. National accounts
  4. Real GDP growth rate (chain-linked volume)
Gross domestic product (GDP) is calculated taking account of all economic transactions. When calculating the real economic growth, there needs to be an adjustment for price changes. The nominal GDP includes price changes, which is removed when calculating the real GDP. The real economic growth shows how much the volume of goods in the economy has increased.

Economic growth hindered by rising prices

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  2. Economic growth hindered by rising prices
In the first quarter of 2022, the gross domestic product (GDP) grew by 4.3% year on year. The GDP at current prices was 8 billion euros.

Growth of industrial production slowed down in April

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  2. Growth of industrial production slowed down in April
According to Statistics Estonia, in April 2022, the total production of industrial enterprises increased by 3.8% at constant prices compared to April 2021. Output increased in two of the three industrial sectors: by 3.7% in manufacturing and by 9.6% in electricity production. In mining, output fell by 13.0%.

Industrial production maintained a slow growth, as production of electricity and heat decreased

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  2. Industrial production maintained a slow growth, as production of electricity and heat decreased
According to Statistics Estonia, in February 2022, the total production of industrial enterprises increased by 1.7% at constant prices compared to February 2021. Output increased by 4.7% in manufacturing but decreased by 11.8% in mining and by 16.6% in energy production.

Industrial production growth accelerated in March

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  2. Industrial production growth accelerated in March
According to Statistics Estonia, in March 2022, the total production of industrial enterprises increased by 7.8% at constant prices compared to March 2021. Output increased in all three sectors: by 6.6% in manufacturing, 5.2% in mining, and 21.3% in energy production.

Estonian economy grew by 5.2% compared to the pre-pandemic level

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  2. Estonian economy grew by 5.2% compared to the pre-pandemic level
According to the preliminary data of Statistics Estonia, in the fourth quarter of 2021, the gross domestic product (GDP), which shows how the Estonian economy is doing, grew by 8.6% compared to the same period of 2020. The GDP at current prices was 8.7 billion euros.

In the third quarter, Estonian economy grew by 8.6%

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  2. In the third quarter, Estonian economy grew by 8.6%
According to Statistics Estonia, in the third quarter of 2021, the gross domestic product (GDP) grew by 8.6% year on year. The GDP at current prices was 7.9 billion euros.

Green economy

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  3. Green economy
The green economy seeks a balance between human needs and the conservation of natural resources. More energy and material-efficient production, protecting the environment, manufacturing products with higher value-added as well as eco-design should ensure that human activities are more compatible with the nature's cycles and not a burden on nature. Green economy statistics provide an overview of the environmental goods and services sector’s output; exports; employment; value added; share in total economy. Based on statistics, the state can decide how to manage resources sustainably.

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