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"Of the positive developments that occurred in the first quarter of 2016, an increase in investments can be highlighted, which VAT data points to. The increase in investments is also in accordance with import growth. In the future the utilization of assets of European structural funds should continue to support the growth of investments which is mainly expressed in the growth of government sector investments, but partially also in private sector projects," economist at the central bank Kaspar Oja said.

"The growth of retail trade enterprises decelerated in March, but still exceeds economic growth. A deceleration of real income is behind it," Oja added.

"Industrial growth referred to more positive economic growth compared to the previous quarter. In spite of problems in the oil shale sector, the production volume of industrial production increased 1.5% on quarter in the first quarter of 2016, which is close to the historic average. The production of the whole industrial sector, including energetics and the mining industry, grew 1.3%," Oja said.

The gross domestic product of Estonia increased by 1.7% in the first quarter of 2016 compared to the first quarter of 2015, it can be seen from flash estimates published by Statistics Estonia on Thursday.

In the first quarter of 2016, the seasonally and working-day adjusted GDP did not change compared to the previous quarter and grew by 1.8% compared to the first quarter of 2015.