Estonia’s economic growth accelerated sharply in the second quarter, largely due to a very low base in the same period last year due to the coronavirus pandemic.
Gross domestic product grew 12.95 percent year-on-year following a 4.06 percent increase in the first three months of the year, preliminary data from Statistics Estonia showed Tuesday. The economy expanded for a second quarter in a row.
In the second quarter of 2020, GDP plunged 7.26 percent from a year ago, at the peak of the Covid-19 pandemic.
“The majority of the economic growth came from the business sector, which is starting to get back on track following the state of emergency,” Statistics Estonia analyst Robert Muursepp said.
“It is also noteworthy that the economy grew by 4.7% compared to the second quarter of 2019.”
Private consumption grew 12.5 annually. Exports rose 32.3 percent and imports increased 54.9 percent. Investments reached pre-crisis levels, the agency said.
On a seasonally adjusted basis, GDP grew 4.3 percent from the previous quarter. Compared to the same quarter last year, GDP rose 13.9 percent.