The Estonian economy advanced 8.6% year-on-year in the third of 2021, slowing from an upwardly revised 13.0% surge in the previous period, amid diminishing low base effects last year. Private consumption grew by 8.7 percent (vs 12.7% in Q2), mainly boosted by transport, clothing and footwear, leisure and entertainment, and hotels and restaurants. Also, foreign trade continued to rise, as exports and imports grew equally by 17.5 percent. Meanwhile, government spending continued to expand (4.2% vs 2.5% in Q2). On the production side, the most positive contributions to the GDP came from manufacturing, construction, transportation and storage, information and communication, and scientific and technical activities. On a seasonally adjusted quarterly basis, the GDP expanded by 0.7% in the third quarter, following a downwardly revised 2.3% growth in the second quarter. source: Statistics Estonia

GDP Annual Growth Rate in Estonia averaged 4.15 percent from 1996 until 2021, 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 December of 2021.

GDP Annual Growth Rate in Estonia is expected to be 5.30 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 3.80 percent in 2022 and 4.00 percent in 2023, according to our econometric models.

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Estonia GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-08-31 05:00 AM Q2 12.9% 4.1% 7.8%
2021-11-30 06:00 AM Q3 8.6% 13.0% 9.2%
2022-03-01 06:00 AM Q4 8.6%


Related Last Previous Unit Reference
GDP Growth Rate 0.70 2.30 percent Sep/21
GDP Annual Growth Rate 8.60 13.00 percent Sep/21
GDP Constant Prices 6528.30 6333.00 EUR Million Sep/21
Gross Fixed Capital Formation 1740.30 2240.80 EUR Million Sep/21
GDP From Transport 563.50 608.10 EUR Million Sep/21
GDP From Services 85.70 55.00 EUR Million Sep/21
GDP From Mining 73.00 82.00 EUR Million Sep/21
GDP From Manufacturing 832.50 856.20 EUR Million Sep/21
GDP From Construction 485.90 415.30 EUR Million Sep/21
GDP From Agriculture 186.80 53.40 EUR Million Sep/21

News Stream
Estonian GDP Annual Growth Slows in Q3
The Estonian economy advanced 8.6% year-on-year in the third of 2021, slowing from an upwardly revised 13.0% surge in the previous period, amid diminishing low base effects last year. Private consumption grew by 8.7 percent (vs 12.7% in Q2), mainly boosted by transport, clothing and footwear, leisure and entertainment, and hotels and restaurants. Also, foreign trade continued to rise, as exports and imports grew equally by 17.5 percent. Meanwhile, government spending continued to expand (4.2% vs 2.5% in Q2). On the production side, the most positive contributions to the GDP came from manufacturing, construction, transportation and storage, information and communication, and scientific and technical activities. On a seasonally adjusted quarterly basis, the GDP expanded by 0.7% in the third quarter, following a downwardly revised 2.3% growth in the second quarter.
2021-11-30
Estonian GDP Annual Growth Strongest Since 1997
The Estonian economy advanced 12.9% year-on-year in Q2 of 2021, following a downwardly revised 4.1% expansion in the previous period. It was the strongest growth in the GDP since the fourth quarter 1997, due to a low base effect last year. Private consumption grew by 12.5 percent (vs -2.7% in Q1), mainly boosted by transport, clothing and footwear, leisure and entertainment, and hotels and restaurants. Also, foreign trade continued reaching for new heights, as exports grew by 32.3 percent and imports by 54.9 percent, respectively. Meanwhile, government spending continued to expand (2.6% vs 6.9% in Q1). On the production side, the most positive contributions to the GDP came from manufacturing, transportation and storage, and information and communication. On a seasonally adjusted quarterly basis, the GDP expanded by 4.3% in Q2, following a downwardly revised 3.9% growth in Q1.
2021-08-31
Estonian Q1 GDP Grows for 1st Time in 5 Quarters
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.
2021-05-31

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.