Estonia’s economy remained in recession in the third quarter, data released by Statistics Estonia showed Monday.

Gross domestic product dropped by unadjusted 1.9 percent annually but much slower than the 6.9 percent fall posted a quarter ago and 0.7 percent drop logged in the first quarter.

The pace of contraction slowed in the third quarter as the restrictions set during the emergency situation were gradually lifted. The decline was primarily driven by the economic activities of transportation and storage, and manufacturing.

On a seasonally and working-day adjusted basis, GDP fell 2.7 percent from last year, following a 5.4 percent decline seen a quarter ago. This was the second consecutive decrease.

Quarter-on-quarter, GDP expanded 3.3 percent in the third quarter.

Another report showed that retail sales grew 4 percent in October from previous month. The seasonally and working-day adjusted data showed that turnover gained 1 percent.

On a yearly basis, retail turnover advanced 6 percent in October driven by the 7 percent rise in sales of manufactured goods.

The material has been provided by InstaForex Company – www.instaforex.com

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