Analytics, Economics, Estonia, GDP, Markets and Companies

In the 4th quarter the change in the GDP compared to the 4th quarter of 2012 was 0%. Compared to the 3rd quarter of 2013, the seasonally and working-day adjusted GDP decreased by 0.1%.

In the last quarter of 2013, the GDP was driven the most by the rise in manufacturing. Manufacturing, which is the main economic activity in Estonia, increased mainly due to the greater manufacture of coke and refined petroleum products. In the 4th quarter, the growth of exports of manufacturing production continued to decelerate (similarly to the previous quarter). The growth of domestic sales of manufacturing production slowed down as well.

Real growth of GDP, export of goods and value added in manufacturing, 1st quarter 2008 – 4th quarter 2013

The export of manufacturing production has a substantial impact on total goods exports. Despite the rise in the export of the production of Estonia’s main economic activity, the real export of goods compared to the same quarter of the previous year decreased for the second quarter in a row. In the 4th quarter of 2013, export of goods fell by 1.3% and import of goods by 1.7%.

In addition to manufacturing, the main positive contributors to GDP were trade and information and communication.  

In the first three quarters of 2013, transport slowed the Estonian economy down the most. According to the preliminary calculations, this continued in the 4th quarter as well. In addition, the decline in agriculture and construction had the biggest negative effect on the GDP in the 4th quarter.

The revised estimates for the GDP in the 4th quarter of 2013 will be published by Statistics Estonia on 11 March.