The Estonian economy has in the second quarter of 2021 grown by 12.9% compared to the change in its gross domestic product in the crisis-hit second quarter of 2020, official statistics showed.
According to a press release of Statistics Estonia on Tuesday, August 31, the GDP at current prices was 7.4 billion euros.
Robert Müürsepp, leading analyst at Statistics Estonia, said that when considering the fast economic growth, it should be noted that it is mainly connected with last year’s very low reference base. At the time, there was a state of emergency in Estonia because of the spread of the coronavirus. «The majority of the economic growth came from the business sector, which is starting to get back on track following the state of emergency. It is also noteworthy that the economy grew by 4.7% compared to the second quarter of 2019,» added Müürsepp.
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The economic activities that contributed most to economic growth were manufacturing, and transportation and storage, which recovered quickly. The economy was also boosted by the information and communication sector. Trade growth went up as well, while the financial sector, which experienced growth throughout last year, remained at the same level. Accommodation and food service activities, which were significantly affected by the coronavirus-related restrictions, recorded fast growth but were still far below the pre-crisis levels.
Energy was the only economic activity that considerably held back the economy. This was due to rapid price increases in the summer, Statistics Estonia wrote.
Estonian economy rebounded with 12.9% growth in Q2 year-on-year from crisis low
