The Estonian economy shrank 1.2% year-on-year in Q4 of 2020, following an upwardly revised 2.5% drop in the previous period. It was the fourth straight quarter of contraction in the economy, as private consumption continued to shrink (-1.3%, the same pace as in Q3). Foreign trade fared well despite the restrictions on international transport. Both the import and export of goods were boosted by trade in electronic equipment and chemical products - by 14.4% and 8.7%, respectively. By contrast, government spending expanded by 4.8%, mostly due to higher health care spending related to the coronavirus (vs 5.5% in Q3). On the production side, negative contributions to GDP came from the agriculture, forestry and fishing, accommodation and food service activities, and administrative and support service activities. On a seasonally adjusted quarterly basis, the GDP grew by 2.1% in Q4, after a downwardly revised 2.5% expansion in Q3. In 2020 as a whole, the economy shrank by 2.9 percent. source: Statistics Estonia

GDP Annual Growth Rate in Estonia averaged 4.02 percent from 1996 until 2020, reaching an all time high of 13.20 percent in the fourth quarter of 1997 and a record low of -19.30 percent in the third quarter of 2009. This page provides - Estonia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Estonia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

GDP Annual Growth Rate in Estonia is expected to be -3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Estonia to stand at 4.50 in 12 months time. In the long-term, the Estonia GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022, according to our econometric models.

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Estonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.20 -2.50 13.20 -19.30 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-29 05:00 AM Q1 -0.7% 3.9% 1%
2020-08-31 05:00 AM Q2 -6.9% -0.7% -12.5%
2020-11-30 06:00 AM Q3 -1.9% -6.9% -5.5%
2021-03-01 06:00 AM Q4 -1.2% -2.5% -4%
2021-05-31 05:00 AM Q1 -1.2%
2021-08-31 05:00 AM Q2
2021-11-30 06:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Estonian Q4 Economy Shrinks at Softer Pace
The Estonian economy shrank 1.2% year-on-year in Q4 of 2020, following an upwardly revised 2.5% drop in the previous period. It was the fourth straight quarter of contraction in the economy, as private consumption continued to shrink (-1.3%, the same pace as in Q3). Foreign trade fared well despite the restrictions on international transport. Both the import and export of goods were boosted by trade in electronic equipment and chemical products - by 14.4% and 8.7%, respectively. By contrast, government spending expanded by 4.8%, mostly due to higher health care spending related to the coronavirus (vs 5.5% in Q3). On the production side, negative contributions to GDP came from the agriculture, forestry and fishing, accommodation and food service activities, and administrative and support service activities. On a seasonally adjusted quarterly basis, the GDP grew by 2.1% in Q4, after a downwardly revised 2.5% expansion in Q3. In 2020 as a whole, the economy shrank by 2.9 percent.
2021-03-01
Estonian Economy Shrinks 1.9% YoY in Q3
The Estonian economy shrank 1.9% year-on-year in the third quarter of 2020, following a 6.9% fall in the previous period. It was the third straight quarter of contraction in the economy, as private consumption contracted (-0.7% vs -8.8%) while net external demand contributed negatively to GDP, as exports fell by 8.6% (vs -19% in Q2), while imports dropped at a softer 2% (vs -21.5% in Q2). By contrast, government spending expanded by 5.3%, mostly due to higher health care spending related to the coronavirus (vs 3.7% in Q2). Although the economy performed better in the third quarter, investments were still modest. On the production side, negative contributions to GDP came from the real estate activities, accommodation and food service activities, and construction sector. On a seasonally adjusted quarterly basis, the GDP grew by 3.3% in Q3, after a downwardly revised 5.5% contraction in Q2.
2020-11-30
Estonian Economy Shrinks the Most Since 2009
The Estonian economy shrank 6.9 percent year-on-year in the second quarter of 2020, following a 0.7 percent fall in the previous period. It was the second straight quarter of contraction in the economy and the steepest fall since the fourth quarter 2009, as both fixed investment (-15.3% vs -7.1%) and private consumption (-8.7% vs 1.4%) contracted. In addition, exports fell 19 percent (vs 7.1% in Q1), while imports dropped at a faster 21.5 percent (vs -2.0% in Q1). By contrast, government spending expanded by 3.7 percent, mostly due to higher health care spending related to the coronavirus (vs -0.3% in Q1). On the production side, negative contributions to GDP came from the manufacturing sector, trade, transport, real-estate activities, professional, scientific and technical activities. On a seasonally adjusted quarterly basis, the GDP contracted by 5.6 percent in the second quarter, the most contraction since Q4 of 2008, after a downwardly revised 2.2 percent contraction in Q1.
2020-08-31
Estonian Economy Shrinks for 1st Time Since 2010
The Estonian economy shrank 0.7 percent year-on-year in the first quarter of 2020, following a 3.9 percent growth in the previous period. It was the first contraction in the economy since the first quarter 2010, as both government spending (-0.3% vs 1.4% in Q4 2019) and fixed investment (-6.9% vs 6.7%) contracted while private consumption growth eased (0.3% vs 2.2%). On the other hand, exports fell 2.6 percent (vs 0.5%), while imports dropped at a faster 5.2 percent (vs 0.3%). On the production side, negative contributions to GDP came from the energy sector and manufacturing. On a seasonally adjusted quarterly basis, the GDP contracted by 3.7 percent in the first quarter, reversing from a 0.9 percent growth in Q4.
2020-05-29

Estonia GDP Annual Growth Rate
More than 71 percent of the Estonian GDP is derived from the service sectors, 25 percent from industry and 4 percent from agriculture. The most important sectors of the Estonian economy are: real estate, rental and letting, and business services (21 percent of GDP); the processing industry (15 percent), commerce (14 percent); transport, warehousing and communications (10 percent) and construction (7 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 52 percent of its total use, followed by gross fixed capital formation (25 percent, one of the highest among EU countries) and government expenditure (20 percent). Exports of goods and services account for 84 percent of GDP while imports account for 81 percent, adding 3 percent of total GDP.