Financial News: Estonia's GDP Contracts Most Since Q2 2020

Estonia's GDP Contracts Most Since Q2 2020

03/01/2023 - 06:52:00 (RTTNews)

(RTTNews) - Estonia's economy contracted for the third straight quarter in the three months ended December, and at the fastest pace in two-and-a-half years, preliminary figures from Statistics Estonia showed on Wednesday.

Gross domestic product decreased 4.1 percent year-over-year in the fourth quarter, which was worse than the 2.9 percent fall in the third quarter.

Further, this was the steepest rate of contraction since the second quarter of 2020, when GDP had logged a negative growth rate of 5.74 percent.

In the fourth quarter, the recession was broad-based, with only a few economic activities experiencing growth, the agency said.

On the expenditure side, private consumption continued its downward trend in the December quarter, falling 1.9 percent. This was the lowest value since the first quarter of 2021.

Government consumption fell 1.3 percent from last year, while investments surged 13.1 percent, which set them apart from the overall trend.

Exports fell 6.5 percent, while the growth in imports eased to 3.3 percent.

According to seasonally adjusted data, the GDP decreased by 1.6 percent compared with the third quarter of 2022 and by 4.4 percent compared with the fourth quarter of 2021.

During the year 2022, overall GDP contracted 1.3 percent compared with 2021. Major negative contributions to the GDP in the past year came from real estate activities, the energy sector, trade, agriculture, and financial activities.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

German GDP To Fall Slightly In Q1: Bundesbank (22 min(s), 50 sec(s) ago)
(RTTNews) - The German economy is likely to fall in the first quarter but the decline will be slow ...Full Story»

Major Central Banks Try To Stem Contagion After Credit Suisse Rescue (36 min(s), 50 sec(s) ago)
(RTTNews) - World's major central banks announced a joint effort to prevent the banking crisis ...Full Story»

UK House Prices Rise In March: Rightmove (51 min(s), 50 sec(s) ago)
(RTTNews) - After flattening in February, UK house prices increased in March due to a jump in the ...Full Story»

Eurozone Trade Gap Narrows In January (01 hr(s), 32 min(s), 50 sec(s) ago)
(RTTNews) - Euro area trade deficit narrowed at the start of the year as the pace of fall in impor ...Full Story»

Poland Industrial Output Contracts; Producer Price Inflation At 1-Year Low (02 hr(s), 06 min(s), 50 sec(s) ago)
(RTTNews) - Poland's industrial production declined for the first time in thirty-three months ...Full Story»

Taiwan Export Orders Continue To Fall In February (03 hr(s), 30 min(s), 50 sec(s) ago)
(RTTNews) - Taiwan's export orders continued to decline in February, data released by the Mini ...Full Story»

Germany Producer Price Inflation Eases To 15.8%, Lowest Since Sep 2021 (05 hr(s), 27 min(s), 50 sec(s) ago)
(RTTNews) - Germany's producer price inflation eased for the fifth straight month in February ...Full Story»

Malaysia Trade Surplus Shrinks To MYR 19.56 Bln (06 hr(s), 54 min(s), 50 sec(s) ago)
(RTTNews) - Malaysia's trade surplus decreased slightly in February, as imports grew faster th ...Full Story»