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.