Estonian Growth Slows In Second Quarter

Aug. 15, 2007
Rate is 7.3%, but slower than 9.8% in 2006

Estonia's breakneck economic growth rate dipped in the second quarter, but remained a robust 7.3% compared with the same period in 2006, the state's statistics office said Aug. 24.

"The economy continued growing fast but decelerated at constant prices primarily due to the slowdown in the value-added growth in manufacturing, wholesale and transport as well as in storage," the national statistics office said.

In the first quarter of this year, GDP had grown by 9.8% compared with the same period of 2006. Over the whole of 2006, Estonia's GDP had grown by 11.4% on an annual comparison.

Like neighboring Latvia, which also broke free from the Soviet Union in 1991 and joined the EU in 2004, Estonia has experienced spiraling growth as its economy catches up with older members of the EU. Both countries have also had problems keeping inflation under control, sparking warnings of overheating, which are particularly acute in Latvia.

Estonia's growth rate last year was the second fastest in the then 25-member EU, lagging just half a percentage point behind Latvia, where the 11.9% annual GDP growth seen last year was also fueled by strong domestic demand. Latvia's GDP grew by 10.7% in the first quarter of this year on an annual comparison, according to that country's statistics office.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

Adopting an Open Ecosystem: The Way Forward for Frontline Operations

March 11, 2024
Today's manufacturing tech stack thrives on connectivity, integrating new and legacy players for a seamless operation - not on monolithic systems. Embrace the future of frontline...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!