Estonia’s economy expanded at a slower rate in the three-month period to March, preliminary figures from Statistics Estonia showed Monday.
Gross domestic product, or GDP, rose 1.2 percent year-over-year in the first quarter, slower than previous quarter’s stable growth of 2.4 percent. The seasonally and working-day-adjusted GDP grew 1.8 percent.
The latest rate of expansion was the slowest since the first quarter of 2014, when the economic growth was at 0.5 percent.
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.
Total exports increased at a slower pace of 3.3 percent in the three months ended March, following a 6.6 percent climb in the December quarter. Imports also increased by 0.6 percent.
In the 1st quarter, the Estonian economy was inhibited the most by the decrease in value added in transport, the agency said.
On a quarterly basis, gross domestic product fell a seasonally and working-day-adjusted 0.3 percent in the first quarter.
The material has been provided by InstaForex Company – www.instaforex.com