Estonian economy falls in Q2
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The Estonian economy shrank 6.9% year-on-year in the second quarter of 2020, following a 0.7% fall in the previous period, data released by Statistics Estonia (SE) showed on Monday.
It was the second straight quarter of contraction in the economy and the steepest fall since the fourth quarter of 2009, mostly due to the coronavirus pandemic.
On the production side, negative contributions to GDP came from the manufacturing sector, trade, transport, real-estate activities, professional, scientific and technical activities.
On a seasonally adjusted quarterly basis, the GDP contracted by 5.6% in the Q2, after a downwardly revised 2.2% contraction in Q1. In a separate statement, the Tallinn-based statistics agency said that industrial production declined a working-day adjusted 2.7% year-on-year in July. Manufacturing output increased 4.4% annually in July.
Among the other sub-sectors, production in mining declined 14%, and energy production fell 0.4%. On a monthly basis, industrial production fell a seasonally and working-day adjusted 0.4% in July.
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