Estoniaʼs economy remains in recession in Q3
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Estoniaʼs economy remained in recession in the third quarter, data released by Tallinn-based Statistics Estonia (SE) showed Monday.
Image by Lightspring / Shutterstock.com
Gross domestic product (GDP) dropped by unadjusted 1.9% annually but much slower than the 6.9% fall posted a quarter ago and 0.7% drop logged in the first quarter.
The pace of contraction slowed in the third quarter as the restrictions set during the emergency situation were gradually lifted. The decline was primarily driven by the economic activities of transportation and storage, and manufacturing.
On a seasonally and working-day adjusted basis, GDP fell 2.7% from last year, following a 5.4% decline seen a quarter ago. This was the second consecutive decrease.
Quarter-on-quarter, GDP expanded 3.3% in the third quarter. Another report showed that retail sales grew 4% in October from previous month. The seasonally and working-day adjusted data showed that turnover gained 1%. On a yearly basis, retail turnover advanced 6% in October driven by the 7% rise in sales of manufactured goods.
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