Estonia Q1 GDP falls for first time since 2010
2014-05-12 11:46:12
Estonia's economy contracted in the first quarter for the first time since the start of 2010, Statistics Estonia reported Monday.
According to flash estimates, gross domestic product declined 1.9 percent from the same period of last year, following a 0.3 percent fall in the fourth quarter.
On a sequential basis, GDP was down by seasonally and working-day adjusted 1.2 percent in the first quarter.
The growth of manufacturing, which is the main contributor to economic growth in Estonia, slowed down mainly due to a decrease in the manufacture of electronic and chemical products. There was a decrease in the exports of manufacturing goods due to weak external demand.
Real export of goods slipped for the third quarter in a row compared to the same quarter of the previous year. At the same time, after a decline in the previous two quarters, the import of goods was on the rise again, the statistical office said.