Wednesday, the Statistics Estonia said in a report that the gross domestic product or GDP dropped 15.6% year-on-year in the first quarter, after registering a 9.7% drop in the fourth quarter. The statistical office said the GDP has decreased for four consecutive quarters.

Sequentially, the GDP fell a seasonal and working day adjusted 6.5% in the first quarter.

During the first quarter, the value added declined in all major economic activities. A steep drop in the value added from manufacturing, construction, retail and wholesale trade caused the GDP to fall in the first quarter. At the same time, the contraction in the value added from the financial intermediation industry deepened in the first quarter, due to a fast deceleration in the in the growth of financial and interest income, fees and commissions' income.

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