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Estonia GDP growth improves in Q4

Figures

Photo by Feng Yu / Shutterstock.com

Estonia's economy grew at a slightly faster pace in the fourth quarter 2021, led by manufacturing, preliminary data from Statistics Estonia (SE) showed Tuesday.

Gross domestic product (GDP) grew 8.6% year-on-year following an 8.31% growth in the third quarter.

Manufacturing returned to the pre-pandemic level and the economic activity was further boosted by information and communication, transportation and storage, and professional, scientific and technical activities.

Accommodation and food service activities continued their rapid growth after being ravaged by the coronavirus crisis.

Trade and agriculture sectors hampered growth in the fourth quarter, due to price increases in these sectors. Private consumption grew 6.9% annually, boosted by the lifting of the pandemic restrictions.

However, rising prices acted as a drag. Investments shrank 38.4%, mainly due to exceptionally high reference base.

Households' investments in dwellings also fell. Exports grew 22.6 %, while imports decreased 2.6%.

On a seasonally adjusted basis, the GDP grew 1.8% sequentially and 8.8% from a year ago. For the whole year 2021, the economy expanded 8.3% and rose 5.2% from the pre-pandemic level in 2019. 

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