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.
GDP Annual Growth Rate in Estonia averaged 4.21 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 August of 2020.
GDP Annual Growth Rate in Estonia is expected to be -11.00 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 12.80 in 12 months time. In the long-term, the Estonia GDP Annual Growth Rate is projected to trend around 6.50 percent in 2021 and 4.00 percent in 2022, according to our econometric models.