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Financial News: Estonia Q2 Economic Growth Eases Sharply

Estonia Q2 Economic Growth Eases Sharply

08/31/2022 - 03:34:00 (RTTNews)

(RTTNews) - Estonia's economic growth eased notably in the second quarter amid rising inflation, figures from Statistics Estonia showed on Wednesday.

Gross domestic product rose 0.6 percent year-over-year in the June quarter, well below the 4.5 increase in the March quarter.

Further, this was the weakest rate of growth since the third quarter of 2020, when GDP had grown only 0.4 percent.

"The overall improvement of the Estonian economy is still information and communication," Robert Müürsepp, leading analyst at Statistics Estonia, said.

On the expenditure side, investment logged a sharp fall of 23.3 percent from last year, due to decrease in enterprises' investments in computer software and databases.

Private consumption growth slowed to 4.8 percent in the June quarter from a year ago.

Exports dropped 0.4 percent, while imports rose 5.6 percent, strongly influenced by trade in electricity, coke and petroleum products, and crude oil and natural gas.

On a seasonally adjusted basis, GDP contracted 1.3 percent compared with the previous quarter, while it grew 0.3 percent from the same period last year.

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