NBU cuts rates 100bp to 13.5% on falling inflation
2 hours ago
Estonian GDP expanded 1.7% on the year in the first quarter, marking a healthy pick up from the sluggish growth tempo seen in the second half of 2015, Statistics Estonia announced on June 9.
The announcement confirms the preliminary estimate issued on May 12. In quarterly terms GDP grew 1%. Seasonally and working day adjusted, the economy expanded 1.8% on the year but remained flat in quarterly terms.
“Estonia’s economy was positively influenced by domestic demand ... [which] increased 3% at real prices, mainly due to household final consumption expenditures,” Statistics Estonia notes.
Growth in the first quarter was driven by “continued robust growth of domestic trade," fuelled by growing real wages, low fuel prices and low interest rates, Swedbank noted in May. Raised excise taxes on alcohol and fuels also had a positive influence.
On the negative side, growth was hindered by a drop in exports and falling production of electricity. However, the former is expected to pick during the year.
Swedbank expects the Estonian economy to grow 2% this year, with improving investment and exports the primary drivers. The rapid growth of private consumption is likely to slow a little the analysts forecast.
Pushing to 2% would mark a strong improvement on the feeble performance last year. Estonian GDP grew just 1.1% in 2015, the slowest rate of expansion since the Baltic meltdown in 2009.
Related Content
Data
NBU cuts rates 100bp to 13.5% on falling inflation
The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease.
Turkey keeps policy rate constant at 50%
Central bank is, notably, no longer talking about building up its reserves in parallel with so-called monetary framework simplification policy.
_1713874341.png)
Slovak unemployment inched further down to 3.88% in March
There were 167,493 job applicants in March, which is at its lowest level since the end of 2019.
Poland’s industrial production disappoints in March as output declines 6% y/y
Poland’s industrial production fell 6% year on year in constant prices in March (chart), after a gain of 3.3% y/y the preceding month, unadjusted data from the statistical office GUS showed on April 22.
Ford drives hike in car production in Romania
Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.
Most Read
-
Putinomics: Russia’s oil and gas revenue to double in April
1 day ago
-
The models are wrong, climate change is accelerating faster than predicted
1 day ago
-
Russia already treating Bosnia’s Republika Srpska as an independent state
1 day ago
-
Kuwait reacts angrily to being cut out of Iraq and Turkey’s transport project
13 hours ago
-
CEE recovering but no full rebound in sight, says wiiw
1 day ago
-
Ukraine's birth rate plummets to 300-year low as country’s population collapses
8 days ago
-
EU finally boosts defence investment into arms production as Ukraine runs out of ammo
1 month ago
-
Don't mention the "D" word - Ukraine
6 days ago
-
The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
3 days ago
-
Europe unlikely to tackle Russian LNG imports anytime soon
3 days ago
-
Russia could pay off its entire external debt tomorrow, in cash
26 days ago
-
Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
1 month ago
-
Albanians campaign on social media to keep bus bridge created in freak accident
1 year ago
-
BRICS announce a blockchain-based payment system to create a common currency
29 days ago
-
Saudi Arabia to scale back plans for Neom city
16 days ago