Business News
Estonian GDP growth beats expectations, signals end of recession
Nov 11, 2010, 11:25 GMT
Tallinn - Estonia continued its rapid exit from one of the European Union's deepest recessions during the third quarter, with its gross domestic product (GDP) surging by 4.7 per cent year-on- year, according to preliminary data released Thursday.
Robust manufacturing exports contributed to the increase, according to Statistics Estonia.
The data exceeded the expectations of most analysts, who had been predicting a figure of around 4 per cent. It means Estonia now boasts one of the strongest growth rates in the European Union after a 14- per-cent GDP contraction in 2009.
Estonia's GDP has now increased for two successive quarters, the widely held definition of an economy that is no longer in recession. In the second quarter, the year-on-year growth rate was 3.1 per cent.
Compared to the previous quarter, the seasonally and working-day adjusted GDP increased 0.5 per cent in the third quarter.
The country is set to become the 17th member of the eurozone on January 1, 2011.
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