Estonia’s economic growth slowed more than initially estimated in the first quarter, latest figures from Statistics Estonia showed Tuesday.
Gross domestic product, or GDP, rose 1.1 percent year-over-year in the three months ended March, revised down from a 1.2 percent growth in the flash report. In the fourth quarter, the economy expanded 3.0 percent.
The latest rate of expansion was the slowest since the first quarter of 2014, when the economic growth was at 0.5 percent.
The seasonally and working-day-adjusted GDP grew 1.7 percent annually in the March quarter, which was also revised from a 1.8 percent climb.
In the first quarter, the main contributor to the GDP was manufacturing. The manufacture of electronic equipment, mineral and wood products accounted for the largest positive contribution to the increase in manufacturing.
Exports of good and services increased for the fourth quarter in a row, largely influenced by the increase in the export of electronic products, coke and refined petroleum products. Meanwhile, imports dropped by 2.9 percent from the prior year.
Estonia’s economy was positively influenced by external demand and negatively influenced by domestic demand, the agency said.
Domestic demand fell 1.6 percent at real prices and gross fixed fixed capital formation decreased by 7.7 percent.
On a quarterly basis, GDP declined a seasonally and working-day-adjusted 0.3 percent in the three-month-period to March, as estimated earlier.
The material has been provided by InstaForex Company – www.instaforex.com