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Tuesday, a report by Statistics Estonia said the gross domestic product dropped 15.8% year-on-year in the second quarter, on a seasonally and working day adjusted basis, faster than a 14.2% fall in the preceding quarter. This was the fifth consecutive quarter of decline.
Unadjusted , GDP fell 16.1% annually in the second quarter, representing the sixth consecutive quarter of fall.
The annual decline in GDP was mainly due to a decrease in both domestic and external demand. Domestic demand decreased 30% mainly due to substantial fall in household final consumption expenditures, gross fixed capital formation and inventories. Household final consumption expenditures dropped 21%, while gross fixed capital formation fell 39%.
Sequentially, the GDP fell a seasonally and working day adjusted 3.4%, slower than a 6% drop in the first quarter and a 4.5% decline in the fourth quarter.
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