Financial News: Estonian Economy Remains In Recession

Estonian Economy Remains In Recession

08/30/2024 - 03:49:00 (RTTNews)

(RTTNews) - The Estonian economy continued to contract in the second quarter despite showing several signs of improvement, preliminary figures from Statistics Estonia showed on Friday.

Gross domestic product decreased 1.0 percent year-over-year in the second quarter, though slower than the 2.2 percent decline in the first quarter.

Moreover, this was the softest rate of decline since the second quarter of 2022.

On the production side, trade and construction had a strong negative impact on the economy during the June quarter.

On the expenditure side, private consumption fell 1.3 percent, while government consumption was 1.1 percent higher. Data showed that investments grew notably by 7.9 percent. Both exports and imports dropped by 1.6 percent and 0.3 percent, respectively.

The seasonally and working-day adjusted GDP was unchanged compared with the March quarter.

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