ESTONIA: GDP rebounded to 3.5% growth in Q2
11.08.2010, 15:43Estonia's GDP decline cycle ended in the 2nd quarter of 2010 with a 3.5% year-on-year rise incited by 10% increase in value added in the manufacturing sector, according to preliminary calculations of the statistical office Eesti Statistika.
The value added in manufacturing grew mostly due to production increase in processing industry and higher value of exports in power production. The value added increased in mining of oil shale as well.
At the same time, sales on the domestic market declined due to the demand being continuously low. In trade, the value added increased in wholesale and decreased in retail.
Compared with the 1st quarter of the year, the GDP rose by 2%, seasonally and workday adjusted.
Estonia's gross domestic product has been declining since Q1 2008; the country suffered the third deepest recession in the EU last year.
Eesti Statistika will publish the revised GDP result of Q2 2010 on 8 September.
Estonian GDP change y-o-y:
Q2 2010: 3.5%
Q1 2010: -2.0%
Q4 2009: -9.4%
Q3 2009: -15.6%
Q2 2009: -16.2%
Q1 2009: -14.9%
Q4 2008: -9.2%
Q3 2008: -3.6%
Q2 2008: -1.2%
Q1 2008: -0.2%