2013 Economic Growth Revised to 0.8%

(Graphic: Statistics Estonia)
3/11/2014 9:54 AM
Category: Economy

Statistics Estonia has revised its estimate for 2013 GDP growth, pegging it at 0.8 percent, 0.1 percentage point better than flash estimates but still the lowest in the last four years.

Fourth quarter figures were also revised. The Estonian economy expanded at an anemic 0.3 percent rate in December of last year compared to the same period in 2012, it said. However, the revised figure from Statistics Estonia on Tuesday represented an improvement from earlier flash figures, which predicted zero growth.

Retail trade growth spurred the economy in the last quarter. Manufacturing, and information and communication activities were the biggest drivers of economic growth in 2013. A decrease in the the value of transportation and storage slowed the economy down the most.

Domestic demand for goods and services grew 1.5 percent, mainly because of an increase in household consumption. This increase was spurred primarily by a growth in the expenditures of recreation, culture, food and non-alcoholic beverages.

The import of goods and services decreased in the last quarter, but the total annual growth amounted to 2.6 percent in 2013. Estonian foreign trade was influenced positively the most by the export and import of computers, electronic and optical products.


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