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Economic growth decelerates in 2007
10
Mar '08
According to preliminary calculations of Statistics Estonia, the gross domestic product (GDP) increased by 7.1% at constant prices in 2007 compared to the previous year. In the 4th quarter of 2007, GDP grew by 4.8% compared to the same period of previous year.

GDP at current prices was 243.3 billion kroons and at constant 2000 prices it was 169.1 billion kroons. In 2007, the GDP growth decelerated gradually due to the deceleration of domestic demand and exports and imports of goods and services. The growth rate of domestic demand decelerated to 9.3% compared to 2006 (in 2006, domestic demand grew by 16.1%).

A steep deceleration of household final consumption expenditure and capital investments in the second half of the year influenced the deceleration in the growth rate of domestic demand.

Growth of exports and imports decelerated as well, whereas in the second half of the year both indicators even decreased. Thus, in 2007 compared to the previous year, exports increased only 1.5% and imports increased 2.8%. At the same time, deficit of net exports in GDP somewhat improved.

Deceleration in the growth of domestic demand and exports brought about deceleration in the growth of corporations' sector to 5.8% (in 2006, the sector grew by 12.4%).

Value added growth of the majority of economic activities decelerated in 2007 compared to 2006. A more significant deceleration was in wholesale and retail trade and real estate, renting and business activities.

The annual growth of value added decelerated fast in the electricity, gas and water supply activity. However, the growth rate of this economic activity accelerated in the second half-year.

In the 4th quarter of 2007, GDP grew by 4.8% compared to the same period of previous year. GDP at current prices was 65.7 billion kroons and at constant 2000 prices it was 43.5 billion kroons.


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