Estonia GDP Revised Up In Q1

(RTTNews) - Estonia GDP fell at a slower rate than estimated initially, second estimates from Statistics Estonia showed Monday.

GDP fell 1.4 percent year-over-year in the first quarter, a slower rate of decline than the preliminary estimate of a 1.9 percent fall.

GDP fell 0.7 percent sequentially in the first quarter, a smaller drop than the 1.2 percent contraction estimated initially.

Net exports was negative and deducted 0.5 percentage points from growth, as export of goods fell for the third straight month. Meanwhile, imports of goods and services climbed 3.5 percent.

At the same time household spending and gross fixed capital formation rose 2.3 percent and 3.5 percent, respectively, boosting the performance of domestic demand. Inventories also increased.

Production side analysis showed that manufacturing activity, accounting for the bulk of the nation's economic activity was weak. The transportation, energy and construction sectors witnessed year-over-year declines in output.

The GDP deflator fell to 4.1 percent in the first quarter.