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Estonia’s GDP Growth Hit a Trough in Third Quarter, SEB Says

Nov. 2 (Bloomberg) -- Estonia’s economic expansion bottomed out in the third quarter and may accelerate in the final three months of the year as industrial output recovers, according to Swedish bank SEB AB.

The $19 billion economy probably grew 1.5 percent from a year earlier in the June-September period and may expand “close to” 3 percent in the last quarter, Ruta Arumae, an economist in Tallinn with Stockholm-based SEB, said in an e-mailed statement today.

“September was an evident turning point for economic growth as one of the key branches -- industrial output -- shows the first signs of regaining footing,” Arumae wrote. A return to industrial-production growth in September “also confirms a forecast for improvement during the third quarter by the leading indicators.”

Industrial production in the newest euro-area member rose in September for the first time in seven months as demand for its electronics exports improved, the statistics office said on Oct. 31. Output rose 8.3 percent from a year earlier, the biggest increase in 13 months, helped mainly by the local plant of Stockholm-based wireless equipment maker Ericsson AB.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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