The Estonian economy contracted 2.7% year-on-year in Q4 of 2023, the same pace as the revised figures in the previous two quarters. Fixed investments declined (-0.4% vs 13.4% in Q3), due to lower investments of non-financial corporations in other machinery & equipment and weapons systems (-13.8%) and in other buildings & structures (-6%). Also, net trade contributed negatively to the GDP, as exports dropped (-9% vs -9.9%) more than imports (-6.6% vs -3.7%). Conversely, government spending recovered (2% vs -1.1%), and household consumption also rebounded (0.5% vs -2.2%), mainly due to increased expenditures on education and transport. On the production side, the largest negative contributors were the energy, manufacturing, professional, scientific and technical activities, and transportation and storage, and construction sectors. On a seasonally adjusted quarterly basis, the GDP shrank 0.7%, after a revised 0.8% fall in the preceding period. In 2023, the economy contracted 3%. source: Statistics Estonia

The Gross Domestic Product (GDP) in Estonia contracted 2.70 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Estonia averaged 3.78 percent from 1996 until 2023, 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 2024.

The Gross Domestic Product (GDP) in Estonia contracted 2.70 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Estonia is expected to be 0.50 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 2.20 percent in 2025, according to our econometric models.

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Estonia GDP Annual Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-30 06:00 AM
GDP Growth Rate YoY
Q3 -3.9% -2.9% -1.4%
2024-03-01 06:00 AM
GDP Growth Rate YoY
Q4 -2.7% -2.7% -2.8%
2024-05-31 05:00 AM
GDP Growth Rate YoY
Q1 -2.7% 0.5%


Related Last Previous Unit Reference
GDP Growth Rate -0.70 -0.80 percent Dec 2023
GDP Annual Growth Rate -2.70 -2.70 percent Dec 2023
GDP Constant Prices 6397.20 6321.20 EUR Million Dec 2023
Gross Fixed Capital Formation 2353.90 2213.50 EUR Million Dec 2023
GDP from Transport 459.90 441.40 EUR Million Dec 2023
GDP from Services 85.90 102.60 EUR Million Dec 2023
GDP from Mining 36.70 40.40 EUR Million Dec 2023
GDP from Manufacturing 818.70 828.40 EUR Million Dec 2023
GDP from Construction 417.30 474.10 EUR Million Dec 2023
GDP from Agriculture 130.10 144.50 EUR Million Dec 2023

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
-2.70 -2.70 14.10 -19.40 1996 - 2023 percent Quarterly
NSA

News Stream
Estonian GDP Shrinks 2.7% in Q4
The Estonian economy contracted 2.7% year-on-year in Q4 of 2023, the same pace as the revised figures in the previous two quarters. Fixed investments declined (-0.4% vs 13.4% in Q3), due to lower investments of non-financial corporations in other machinery & equipment and weapons systems (-13.8%) and in other buildings & structures (-6%). Also, net trade contributed negatively to the GDP, as exports dropped (-9% vs -9.9%) more than imports (-6.6% vs -3.7%). Conversely, government spending recovered (2% vs -1.1%), and household consumption also rebounded (0.5% vs -2.2%), mainly due to increased expenditures on education and transport. On the production side, the largest negative contributors were the energy, manufacturing, professional, scientific and technical activities, and transportation and storage, and construction sectors. On a seasonally adjusted quarterly basis, the GDP shrank 0.7%, after a revised 0.8% fall in the preceding period. In 2023, the economy contracted 3%.
2024-03-01
Estonian GDP Shrinks 3.9% in Q3
The Estonian economy declined 3.9% year-on-year in Q3 of 2023, following a 2.9% drop in Q2, pointing to the fifth straight quarter of contraction. Government spending shrank after growing in Q2 (-0.6% vs 1.8% in Q2 of 2023), while private consumption declined for the fifth straight quarter (-2.4% vs -3.0%), primarily due to lower spending on miscellaneous goods and services, and clothing and footwear. At the same time, net trade contributed negatively to the GDP, with imports (-6.0% vs -8.4%) and exports (-12.1 vs -5.4%) shrinking further. On a positive note, fixed investments rebounded sharply (9.8% vs -18.7%), mainly boosted by a sharp rise in the non-financial corporation's sector with a 54.5% growth in their investments in other buildings and structures. On the production side, output declined mainly for transportation and storage; information & communication. On a seasonally adjusted quarterly basis, the GDP shrank 1.3%, after an upwardly revised 0.6% contraction in Q2.
2023-11-30
Estonia GDP Contraction Eases in Q2
The Estonian economy contracted 2.9% year-on-year in Q2 of 2023, easing from an upwardly revised 3.7% drop in the previous period. Government spending continued to rise (1.8% vs 0.3% in Q1 of 2023). On the other hand, private consumption decreased for four consecutive quarters (-3.3% vs -1.1%), primarily due to lower spending on other goods & services, recreation & culture, and furnishings. Also, fixed investments weakened, declining to the pandemic-time levels (-18.7% vs -7.1%), as investments dropped mainly in other buildings & structures, machinery & equipment, and transport equipment. On net trade, imports decreased further (-9.1% vs -4.9%) while exports remained unchanged (at -6%). On a seasonally adjusted quarterly basis, the GDP contracted 0.2%, following an upwardly revised 0.7% decline in the previous quarter.
2023-08-31