Deceleration of economic growth continued in the 2nd quarter
According to Statistics Estonia, by flash estimates, the gross domestic product (GDP) of Estonia increased by 2.0% in the 2nd quarter of 2012 compared to the same quarter of the previous year.
The seasonally and working-day adjusted GDP increased by 0.4% compared to the 1st quarter.
Fast growth of the value added in construction, information and communication and administrative and support service activities contributed the most to the GDP growth. According to the preliminary calculations, the contribution of the biggest economic activity, manufacturing, was minimal to the economic growth. The value added of manufacturing substantially depends on exports, the growth of which has steeply decelerated this year. Export of this economic activity has a substantial impact on export of the total economy and on economic growth. Real growth of export of goods of the total economy decelerated to 4% in the 2nd quarter.
Economic growth was strongly inhibited by the decrease of the value added in real estate activity. The value added of this activity has decreased in real terms already since the 3rd quarter of 2010.
The second estimate of the GDP for the 2nd quarter of 2012 will be published by Statistics Estonia on 7th September. On the same date, Statistics Estonia will also release the revised national accounts for 2008–2011 based on the supply and use tables and annual reports of enterprises. In relation to the revision of the 2011 data, the national accounts data for the 1st quarter of 2012 published in June this year will also be updated. All the above referred revised time series will be published in the Statistical Database of Statistics Estonia (/uudised/database) on 7th September.