According to Statistics Estonia, by flash estimates, the gross domestic product (GDP) of Estonia increased by 4.7% in the 3rd quarter of 2010 compared to the same quarter of the previous year.
The GDP has increased for the second quarter in succession. In the 2nd quarter this year, the growth rate was 3.1%.
The GDP of the 3rd quarter was above all influenced by the growth of value added in the manufacturing activity created due to a vigorous growth of exports. The sales of manufacturing production on the domestic market increased as well, referring to the improvement of the domestic demand. The sales of manufacturing production on the domestic market increased last in the 1st quarter of 2008. According to preliminary calculations, the gross value added produced by the industrial sector in total increased by 14%, and without taking the economic activity of construction into account – even by 23%. Besides manufacturing, the industrial sector includes also mining, electricity, gas and water supply and construction activities. In construction, the output of which is mainly targeted at the domestic market, the generated value added showed a continuous decreasing trend.
In addition to the manufacturing sector, growth of the value added created in the wholesale and retail trade and transport, storage and communications activities also had a bigger impact on the GDP growth.
Growth of the value added in financial intermediation accelerated mainly due to a strong growth in the interest net income.
According to preliminary calculations, the value added of households, non-profit institutions and the general government sector decreased.
Compared to the previous quarter, the seasonally and working-day adjusted GDP increased 0.5% in the 3rd quarter, 1.9% in the 2nd quarter and 1.1% in the 1st quarter. Thus, in the comparison of neighbouring quarters, the GDP growth rate somewhat decelerated in the 3rd quarter.
More data here:
Vigorous exports in manufacturing contributed to the GDP growth in the 3rd quarter