Analytics, Estonia, GDP, Statistics
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 15:00
Economic growth in Estonia accelerated in the 3rd quarter
In the third quarter of 2018, the Estonian GDP was 6.5 bn euros at current prices.
Seasonally and working day adjusted GDP increased by 0.4% compared to the previous quarter. However, compared to the third quarter of 2017, the seasonally and working day adjusted GDP grew by 3.9%.
The exports of goods and services grew only by 0.8% in the 3rd quarter. This was mainly due to growth in the exports of goods by 0.1%. The exports of services grew by 2.0%. The biggest positive impact was exerted by the exportation of computers, electronic and optical equipment, motor vehicles as well as the sale of computer and information services, and construction services. In contrast, the imports of goods and services continued a strong growth of 6.1%.
The imports of goods increased by 4.4%, and the imports of services even by 11.2%. This was influenced most by the imports of machinery and equipment not elsewhere classified, and pharmaceutical products and the buying of air transport and travel services. The share of net exports in GDP was 2.6% in the 3rd quarter of 2018.
Along with overall economic growth, productivity indicators improved as well. Productivity per person employed grew by 3.4% while productivity per hour worked by 7.6%. Unit labour cost demonstrated its fastest growth in recent years, increasing under the continuing wage pressure by 8.3%.