The Estonian economy dropped 4.1% year-on-year in the Q4 of 2022, the sharpest contraction since Q2 of 2020 and from an upwardly revised 2.9% decline in the previous period. Private consumption fell to its two-year low (-1.9% vs -0.8% in Q3), particularly expenditures on education, other goods & services, furnishings, food and health; while government spending shrank to its steepest pace in 10 years (-1.3% vs 0.6%). On the other hand, fixed investments accelerated (13.1% vs 1.7%), pushed by the rise in investments of non-financial corporations in transport equipment, buildings & structures and households’ investment in dwellings. Meanwhile, exports decreased 6.5% (vs 4.4%) and imports slowed to 3.3% (vs 6%). On production, the largest negative contribution came from information & communication, along with real estate activities, construction, manufacturing and trade. On a seasonally adjusted quarterly basis, the GDP fell 1.6%. For the whole of 2022, the economy shrank 1.3%. source: Statistics Estonia

GDP Annual Growth Rate in Estonia averaged 4.04 percent from 1996 until 2022, reaching an all time high of 14.10 percent in the fourth quarter of 1997 and a record low of -19.40 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 2023.

GDP Annual Growth Rate in Estonia is expected to be -2.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Estonia GDP Annual Growth Rate is projected to trend around 1.70 percent in 2024 and 2.00 percent in 2025, according to our econometric models.

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Estonia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-30 06:00 AM Q3 -2.4% 0.4% -2%
2023-03-01 06:00 AM Q4 -4.1% -2.9% -3.5%
2023-05-31 05:00 AM Q1 -4.1% -2.2%


Related Last Previous Unit Reference
GDP Growth Rate -1.60 -1.30 percent Dec 2022
GDP Annual Growth Rate -4.10 -2.90 percent Dec 2022
GDP Constant Prices 6766.80 6489.50 EUR Million Dec 2022
Gross Fixed Capital Formation 2388.00 1752.50 EUR Million Dec 2022
GDP from Transport 564.00 575.20 EUR Million Dec 2022
GDP from Services 94.90 116.70 EUR Million Dec 2022
GDP from Mining 50.80 52.50 EUR Million Dec 2022
GDP from Manufacturing 810.20 841.60 EUR Million Dec 2022
GDP from Construction 406.00 542.00 EUR Million Dec 2022
GDP from Agriculture 245.70 68.70 EUR Million Dec 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-4.10 -2.90 14.10 -19.40 1996 - 2022 percent Quarterly
NSA

News Stream
Estonia GDP Drops to 2-Year Low
The Estonian economy dropped 4.1% year-on-year in the Q4 of 2022, the sharpest contraction since Q2 of 2020 and from an upwardly revised 2.9% decline in the previous period. Private consumption fell to its two-year low (-1.9% vs -0.8% in Q3), particularly expenditures on education, other goods & services, furnishings, food and health; while government spending shrank to its steepest pace in 10 years (-1.3% vs 0.6%). On the other hand, fixed investments accelerated (13.1% vs 1.7%), pushed by the rise in investments of non-financial corporations in transport equipment, buildings & structures and households’ investment in dwellings. Meanwhile, exports decreased 6.5% (vs 4.4%) and imports slowed to 3.3% (vs 6%). On production, the largest negative contribution came from information & communication, along with real estate activities, construction, manufacturing and trade. On a seasonally adjusted quarterly basis, the GDP fell 1.6%. For the whole of 2022, the economy shrank 1.3%.
2023-03-01
Estonian Q3 GDP Shrinks for 1st Time in Over 2 Year
The Estonian economy contracted 2.4% yoy in Q3 of 2022, reversing from a downwardly revised 0.4% expansion in Q2. It was the first time contraction in the economy since the second quarter of 2020, amid soaring inflation. Private consumption fell by 0.4%, reversing from a 5.2% rise in Q2 and net external demand contributed negatively to the GDP growth, as exports grew by 3.6%, while imports rose at a faster 6.2%. Meanwhile, government spending expanded by 1.1%, mainly driven by increases in public administration and defence and in education. On the other hand, investment edged up 0.2% from a year earlier, after a 23.9% plunge in Q2. On the production side, the most negative contributions to the GDP came from agriculture, energy sector and real-estate activities. On a seasonally adjusted quarterly basis, the GDP shrank by 1.8% in Q3, after contracting 1.3% in Q2.
2022-11-30
Estonian GDP Growth Slows to 0.6% in Q2
The Estonian economy advanced 0.6% yoy in Q2 of 2022, easing from an upwardly revised 4.5% growth in Q1. It was the sixth straight quarter of expansion in the economy, but the weakest growth in the current sequence, amid soaring inflation. Private consumption slowed down (4.8% vs 9.1% in Q1) mainly boosted by restaurants and hotels, clothing and footwear, and recreation and culture. Also, net external demand contributed negatively to the GDP growth, as exports fell by 0.4%, while imports increased 5.6%. Meanwhile, investments contracted by 23.3%, due to the decline in enterprises’ investments in computer software and databases (-86.5%). On the production side, the most positive contributions to the GDP came from information and communication, professional, scientific and technical activities, and accommodation and food services. On a seasonally adjusted quarterly basis, the GDP shrank by 1.3% in Q2, after showing no growth in Q1.
2022-08-31