Estonia's economic growth slows to 2 percent in Q2

10.08.2012, 10:50

According to Statistics Estonia, by flash estimates, the gross domestic product (GDP) of Estonia increased by 2 percent in the 2nd quarter of 2012 compared to the same quarter of the previous year.

Fast growth of the value added in construction, information and communication and administrative and support service activities contributed the most to the GDP growth.

According to the preliminary calculations, the contribution of the biggest economic activity, manufacturing, was minimal to the economic growth.

The value added of manufacturing substantially depends on exports, the growth of which has steeply decelerated this year.

Export of this economic activity has a substantial impact on export of the total economy and on economic growth. Real growth of export of goods of the total economy decelerated to 4% in the 2nd quarter.

Economic growth was strongly inhibited by the decrease of the value added in real estate activity. The value added of this activity has decreased in real terms already since the 3rd quarter of 2010.