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. source: Statistics Estonia
GDP Annual Growth Rate in Estonia averaged 4.14 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 November 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.