The Estonian economy shrank 3% in 2023, following a 0.5% contraction in 2022. Fixed investments decreased by 3.4% (vs -3.7% in 2022), dragged by lower investments in transport equipment (-41.1%). Household consumption dropped by 1.5% (vs 2.3%), as expenditures on other goods and services, furnishings, and recreation fell significantly. Additionally, net external demand had a negative impact on GDP, with exports (-6.9% vs 3%) falling more than imports (-5.2% vs 3.2%). Meanwhile, government spending saw an increase (0.9% vs 0.1%). On the production side, output declined mainly for information and communication. source: Statistics Estonia
Full Year GDP Growth in Estonia averaged 3.76 percent from 1996 until 2023, reaching an all time high of 13.10 percent in 1997 and a record low of -14.60 percent in 2009. This page includes a chart with historical data for Estonia Full Year GDP Growth. Estonia Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.
Full Year GDP Growth in Estonia is expected to reach -1.00 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Estonia Full Year GDP Growth is projected to trend around 1.50 percent in 2025 and 2.30 percent in 2026, according to our econometric models.