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The gross domestic product of Estonia increased 2.1 percent in the third quarter of 2014 compared to the same quarter of 2013, a flash estimate published by Statistics Estonia on Tuesday shows.
Estonian economy grows 2.1 pct on year in Q3 - preliminary
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In the third quarter, the main contributor to the GDP was manufacturing. The manufacture of electronics and wood accounted for the largest positive contribution to the increase of manufacturing.
In addition to manufacturing, the greatest contributor to the Estonian economy was the economic activity of trade. Growth in trade was mainly led by retail trade due to strong domestic demand. At the same time external demand also grew in the third quarter. Estonian economy depends greatly on foreign demand and the main exporters are manufacturing enterprises. After a decline in the previous four quarters, the real export of goods increased 6.6 percent in the third quarter of 2014. The import of goods rose by 3.5 percent in real terms.
During the quarter Estonian economy was slowed down the most by a decrease of the value added in construction, administrative and support service activities, and professional, scientific and technical activities.
According to preliminary estimates, the GDP growth was also significantly influenced by the increased receipts of value added tax and excise taxes which are a part of net taxes on products.
Compared to the previous quarter the seasonally and working-day adjusted GDP increased by 0.2 percent and compared to the third quarter of the previous year by 2.3 percent.