Economy grew 1.3% in the 2nd quarter
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 1.3% in the 2nd quarter of 2013 compared to the same quarter of the previous year.
The seasonally and working-day adjusted GDP grew by 0.1% compared to the 1st quarter of 2013.
The biggest contributor to economic growth was the increase in the value added of manufacturing mainly due to the increased value added of computers, electronic and optical products. The growing of the value added of manufacturing substantially depends on exports’ increase. Also the domestic sales of manufacturing production grew. The real growth of export of goods of the total economy increased 8%, mainly due to the increased exports of chemicals and chemical products, computers, electronic and optical products and other manufacturing products. The import of goods grew 10% compared to the same period of the previous year mainly due to the coke and refined petroleum and computers, electronic and optical products.
In addition to the manufacturing, the increase of GDP was supported by the growth in the value added of trade.
According to the preliminary calculations, in the 2nd quarter of 2013 the Estonian economy was slowed down most by the decrease of the value added in transportation and storage, agriculture and water supply, sewerage, waste management and remediation activities.
The revised GDP estimates for the 2nd quarter of 2013 will be published by Statistics Estonia on the 9th of September. On the same date the revised GDP figures for 2009–2012 will be also published, based on the supply and use tables and annual reports of enterprises. In addition, data for the 1st quarter of 2013 will be updated.