Estonian GDP Shrinks in Q3
Photo by Feng Yu / Shutterstock.com
The Estonian economy contracted 2.4% year-on-year in the third quarter of 2022, reversing from a downwardly revised 0.4% expansion in Q2, data from Statistics Estonia (SE) showed on Wednesday.
It was the first time contraction in the economy since the second quarter of 2020, amid soaring inflation.
Private consumption fell by 0.4%, reversing from a 5.2% rise in Q2 and net external demand contributed negatively to the gross domestic product (GDP) growth, as exports grew by 3.6%, while imports rose at a faster 6.2%.
Meanwhile, government spending expanded by 1.1%, mainly driven by increases in public administration and defense, and in education.
On the other hand, investment edged up 0.2% from a year earlier, after a 23.9% plunge in Q2. On the production side, the most negative contributions to the GDP came from agriculture, energy sector, and real-estate activities.
On a seasonally adjusted quarterly basis, the GDP shrank by 1.8% in Q3, after contracting 1.3% in Q2.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.