Revised Baltic GDP data for the 1st quarter of 2008

All three Baltic countries have now updated their Q1 2008 GDP numbers. Here they are, all in one place. First, year-on-year numbers:

• Estonia: +0.1% (revised downwards from +0.4%);
• Latvia: +3.3% (revised downwards from +3.6%);
• Lithuania: +6.9% (revised up from +6.4%).

Since the Baltic economies are at a turning point, quarter-on-quarter numbers may be more meaningful. Here is Q1 2008 compared to Q4 2007, seasonally adjusted:

• Estonia: -0.5% (revised up from -1.9%??? what sort of adjustment is that???);
• Latvia: -1.9% (since our statistics office does not do seasonally adjusted GDP, this is my own rough adjustment);
• Lithuania: +0.2% (revised up from -0.2%).

To summarize, both Latvia and Estonia are in an economic contraction, due to an aftermath of the credit/housing bubble. Lithuania is also sliding in the same direction, but slower. (Since the boom was smaller/later in Lithuania, the bust may also be smaller.)

And I am still wondering how Statistics Estonia turned their initial -1.9% quarter-on-quarter number into -0.5%. It just doesn't make sense...