The Estonian economy advanced 5.4% year-on-year in Q1 of 2021, rebounding sharply from a 1.2% contraction in the previous period. It was the first time expansion in the economy since the fourth quarter of 2019, mainly due to the impact of taxes, primarily the good receipts of value added tax and excise duties. Government spending expanded faster (7.2% vs 4.8% in Q4), mostly due to higher health care spending related to the coronavirus. Also, foreign trade that started growing at the end of last year continued in the same direction, with exports and imports of goods increased by 5% and 12%, respectively. Meanwhile, private consumption continued to shrink (-3.3% vs -1.1% in Q4). On the production side, the most positive contributions to the GDP came from trade, information and communication, and financial and insurance activities. On a seasonally adjusted quarterly basis, the GDP expanded by 4.8% in Q1, following an upwardly revised 2.8% growth in Q4 2020. source: Statistics Estonia
GDP Annual Growth Rate in Estonia averaged 4.05 percent from 1996 until 2021, 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 June of 2021.
GDP Annual Growth Rate in Estonia is expected to be 2.80 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 6.50 in 12 months time. In the long-term, the Estonia GDP Annual Growth Rate is projected to trend around 2.20 percent in 2022 and 4.00 percent in 2023, according to our econometric models.