(RTTNews) - Monday, Statistics Estonia released their final estimates for gross domestic product, which declined a revised 1.1% year-on-year in the second quarter compared with 0.2% rise in the preceding quarter.

Last month, the statistical office said economic growth declined 1.4% in a flash estimate. The report said the decrease in the second quarter was influenced by weaker domestic demand along with a fall in the exports of goods and services.

Domestic demand declined 2.8%, due to a decline in private consumption and capital investments. Private consumption declined 2%, owing to decrease in expenditure on transport and some consumer durables and a deceleration in expenditure on food. Capital investments slipped 2.5% as investments made by financial and household sector decreased. On the other hand, investments in construction grew at a faster pace, while it remained the same in manufacturing.

The foreign trade component also declined, with exports of goods and services falling 4.9%, and imports decreasing 8.2%.

Within exports, those of refined petroleum products fell, but exports of basic metals and machinery increased. Export of services declined 8.9% in this period. The share of net exports in GDP was a negative 4.6% in the second quarter compared with a negative 7% in the first quarter.

Meanwhile, the decline in imports was due to a fall in imports of refined petroleum products and motor vehicles.

On the supply side, the deceleration in growth was attributed to a fall in the value addition by wholesale and retail trade, transport and storage, manufacturing, utilities along with financial intermediation.

On a sequential basis, economic growth fell a seasonally and working day adjusted 0.8% in the second quarter.

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