Estonia Q3 GDP Revised Downwards

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Estonia's gross domestic product or GDP contracted 15.6% year-on-year in the third quarter revised down from the 15.3% decline initially estimated, Statistics Estonia reported on Wednesday. The GDP has now declined for seven straight quarters, although the pace of decline has decelerated. GDP had fallen 16.1% in the second quarter.

The decrease in GDP in the third quarter was influenced by weak domestic and external demand. Domestic demand plunged 28% annually in the third quarter, while household final consumption slid 20% and gross fixed capital formation was down 37%.

On a quarterly basis, GDP contracted by a seasonally adjusted 3% in the third quarter, revised down from the 2.8% decline in the preliminary report. This compares to a 3.4% shrinkage in the second quarter.

Estonia's gross domestic product or GDP contracted 15.6% year-on-year in the third quarter revised down from the 15.3% decline initially estimated, Statistics Estonia reported on Wednesday. The GDP has now declined for seven straight quarters, although the pace of decline has decelerated. GDP had fallen 16.1% in the second quarter. (Market News Provided by RTTNews)