Analytics, Economics, Estonia, GDP, Markets and Companies

The seasonally and working-day adjusted GDP increased by 0.5% compared to the same quarter of the previous year and decreased by 0.5% compared to the second quarter of 2015.

According to the preliminary estimate, the biggest contributor to real growth of GDP was real estate activity. Usually, manufacturing and trade activities are the main contributors to the Estonian economy. However, in the third quarter of 2015 the contribution of these activities to growth was close to zero.

GDP growth in the third quarter was positively influenced by net taxes on products, as receipts of value added tax and excise duties increased at current prices. At the same time, payments of subsidies decreased.

The export of goods of the total economy decreased by 6% at real prices compared to the same quarter of the previous year. The real import of goods of the total economy decreased 4% compared to the third quarter of 2014.

The flash estimate of economic growth is drawn up exclusively by the production approach using VAT return information from the Estonian Tax and Customs Board and data from various statistical actions of Statistics Estonia. Therefore, the flash estimate may differ from the revised estimate of GDP, which is based on the respective quarterly data and calculated by the expenditure, production and income approach.

Statistics Estonia will publish a revised GDP estimate for the third quarter of 2015 on December 9.