ESTONIA: GDP decline slowing further in Q1 2010
12.05.2010, 12:00Estonia's gross domestic product fell by 2.3% in the 1st quarter of 2010 compared to the same period last year, the statistical office Eesti Statistika reported. The slowing-down trend of economy's contraction, which started in Q3 2009, continued in Q1 2010.
According to preliminary report of Eesti Statistika, the value added in the manufacturing sector decreased only by 1% y-o-y, a severe improvement compared to the drop by 16% in the previous quarter. While the domestic demand continues to be weak, Estonia's industrial output has stabilized and even increased in some manufacturing branches due to improving exports.
Similarly to the yearly drop, the GDP declined by 2.3% compared to the previous quarter, seasonally and workday adjusted. The weakening domestic demand has taken its toll in the quarterly result, considering that in the last two quarters of 2009, GDP increased on a q-o-q basis.
Eesti Statistika will publish the revised GDP result of Q1 2010 on 9 June.
Estonian GDP change y-o-y:
Q1 2010: -2.3%
Q4 2009: -9.5%
Q3 2009: -15.6%
Q2 2009: -16.1%
Q1 2009: -15.0%
Q4 2008: -9.2%
Q3 2008: -3.2%
Q2 2008: -1.2%
Q1 2008: -0.3%