Estonian Economy Grew 7.6 Percent Last Year
9 March (BNS)
In 2011 Estonia's gross domestic product (GDP) grew 7.6% compared to the previous year. In the final quarter of the year, GDP growth slowed and was, according to adjusted data, 4.5%. Estonia's GDP in 2011 was 15.97 billion euros measured in current prices.
In the first three quarters of the year GDP growth was mainly driven by manufacturing. Construction and information and communication activities emerged as the top contributors to economic growth from the second half of the year. The increase in the value-added tax and excise duty collected also played a significant role.
The value added of manufacturing grew mainly on the back of exports, with the manufacturing of computers, electronic and optical products having the biggest influence on growth. The growth in construction was mainly supported by repair and reconstruction of buildings. Rapid growth of information technology and telecommunication services had the biggest influence on the growth of value added in information and communication.
In the final quarter of 2011, GDP measured in current prices was 4.22 billion euros. Compared to the third quarter, the seasonally and working-day adjusted GDP in the final quarter decreased by 0.2%. Compared to the same quarter in 2010, GDP growth decelerated to 4.5%.
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