Head of the National Accounts Department of the Estonian Statistics Office, Robertas Muurseppas (Robertas Miursepas), noted that the last time economic growth exceeded 2% was in the first quarter of 2022. “GDP has been growing for four consecutive quarters,” he noted. “The majority of economic activity in the first quarter had a positive, albeit small, impact on the economy.”
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For the third consecutive quarter, the main driver of economic growth was the manufacturing sector, whose added value increased by 7%.
Private consumption expenditures increased by 4.2% in the first quarter. “This is the fastest growth in private consumption since the second quarter of 2022,” emphasized R. Muurseppas.
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Government sector expenditures grew by 4.8%, mainly due to national defense spending.
Seasonally adjusted GDP, accounting for the number of working days, increased by 1.1% compared to the fourth quarter of last year.
