Gross domestic product (GDP) grew 12.95% year-on-year following a 4.06% increase in the first three months of the year, preliminary data from Statistics Estonia (SE) showed Tuesday. The economy expanded for a second quarter in a row.
In the second quarter of 2020, GDP plunged 7.26% from a year ago, at the peak of the COVID-19 pandemic. "The majority of the economic growth came from the business sector, which is starting to get back on track following the state of emergency," SE analyst Robert Muursepp said. Private consumption grew 12.5 annually.
Exports rose 32.3% and imports increased 54.9%. Investments reached pre-crisis levels, the agency said. On a seasonally adjusted basis, GDP grew 4.3% from the previous quarter. Compared to the same quarter last year, GDP rose 13.9%.
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