RTTNews - Tuesday, the Statistics Estonia announced that the gross domestic product or GDP dropped a seasonally and working day adjusted 6.1% sequentially in the first quarter, revised from a 6.5% decline estimated in the preceding report. In the fourth quarter, the GDP was down 4.3%.

Year-on-year, the GDP decreased 15.1% in the first quarter, compared with a 9.7% fall in the fourth quarter. This was the fourth consecutive quarter of decline in real GDP. The first quarter figure was revised from 15.6% drop estimated initially.

In 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 led to the GDP decline in the first quarter.

The decline of the value added in financial intermediation was mainly due to the fast deceleration in the growth of financial and interest income, fees and commissions' income, the statistical office said.

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