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Estonia GDP Eases in Q1

Figures

Photo by Feng Yu / Shutterstock.com

The Estonian economy dropped 3.2% year-on-year in the first quarter of 2023, easing from a 4.1% fall in the previous period, according to figures released by Statistics Estonia (SE).

Government spending rebounded (0.2% vs -1.3%), while private consumption continued to fall (-1.9% vs -1.5%), particularly expenditures on restaurants & hotels, clothing & footwear, and housing utilities.

On the other hand, fixed investments declined (-3.4% vs 13.1%), dragged down by companies' investments in means of transport (-91.7%) and machinery & equipment (-49.8%).

Meanwhile, foreign trade continued to fall from record levels, as imports declined (-7.3% vs 3.6%), while exports dropped softer (-6.9% vs -7.3%).

On a seasonally adjusted quarterly basis, the GDP fell 0.6% in Q1, following a downwardly revised 1% drop in the previous period, the Tallinn-based agency said. 

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