2014 economic growth revised to 2.1% (1)

Retail again, played a big role in economic growth (Postimees/Scanpix)
3/11/2015 10:59 AM
Category: Economy

According to Statistics Estonia, Estonia's GDP grew by 2.1 percent last year, not 1.8 percent as initially revealed.

A strong showing in the fourth quarter helped to increase the final growth figure, with growth in the last three months calculated at 3.0 percent compared to the same period a year earlier. In 2013, GDP growth was only 0.8 percent.

GDP in 2014 was 19.5 billion euros.

Retail trade, manufacturing and professional, scientific and technical activities were the driving forces behind economic growth last year.

In other figures, labor costs increased by 6.4 percent, while productivity grew only 1.3 percent. Domestic demand increased by 4.8 percent.

Export volumes grew by 2.6 percent and imports by 2.3 percent, narrowing the trade deficit.

Read the full report for 2014, and a more detailed report on the fourth quarter, here.

Bank of Estonia is forecasting 2.1 percent growth for Estonia this year, increasing to 3.3 percent next year. Swedbank, the nation's largest private bank, has come out with similar figures, 2.0 for 2015 and 2.7 percent for 2016. Both institutions were conservative in their predictions for 2014, estimating a 1.9 percent GDP increase.

J.M. Laats

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