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.