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Financial News: Estonia Q1 GDP Growth Quickens

Estonia Q1 GDP Growth Quickens

05/31/2017 - 01:56:00 (RTTNews)

(RTTNews) - Estonia's economic growth accelerated further in the three months ended March, figures from Statistics Estonia showed Wednesday.

Gross domestic product expanded 4.4 percent year-over-year in the first quarter, well above the 2.7 percent rise in the fourth quarter.

The seasonally and working-day-adjusted GDP advanced by 4.0 percent compared with the corresponding period last year.

In the first quarter, GDP growth was mainly driven by manufacturing. The main contributors to the growth of manufacturing were the increased manufacture of fabricated metal products, motor vehicles, and food products and beverages.

Estonia's economy was positively influenced by domestic demand, which increased 3.6 percent over the year. Gross fixed capital formation registered a notable rise of 16.5 percent.

On quarterly basis, the seasonally and working-day-adjusted GDP rose 0.8 percent in the March quarter.

In an another report, the statistical office revealed that retail sales growth eased sharply to 1.0 percent in April from 5.0 percent in March. Sales have been rising since July 2013.

Compared to the previous month, the turnover of retail trade enterprises decreased 1.0 percent in April.

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