GDP in Estonia up 3.9 per cent year on year to Q1 2012

According to a report on the Baltic Business News, the Estonian economy saw a growth of 3.9 per cent in Q1 of 2012, with particular emphasis on construction and also retail and wholesale trade.

Citing figures from the Estonian Statistics Office, these two sectors accounted for more than half of the total growth during Q1. In the case of construction, the upturn resulted partly from an increase in renovations and refurbishments, especially in the public sector which benefitted from state sales of Estonia’s excess CO2 quota; rising food sales were largely behind the retail growth.

Conversely, industrial production, previously a driving force behind recovery actually saw something of a decline over the same period, with the biggest drops seen in electronics and metals. Energy production also saw a downturn on the domestic front, partly due to milder weather in Q1 than can be the case for the time of year, and exports fell, which in turn impacted on manufacturing.

Neighbouring Latvia and Lithuania have seen much more rapid growth rates over the same period, at 6.8 per cent and 4.3 per cent y-o-y respectively.

The original article from the Estonian Statistics Office is available here.

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