The Estonian economy shrank 1.9% year-on-year in the third quarter of 2020, following a 6.9% fall in the previous period. It was the third straight quarter of contraction in the economy, as private consumption contracted (-0.7% vs -8.8%) while net external demand contributed negatively to GDP, as exports fell by 8.6% (vs -19% in Q2), while imports dropped at a softer 2% (vs -21.5% in Q2). By contrast, government spending expanded by 5.3%, mostly due to higher health care spending related to the coronavirus (vs 3.7% in Q2). Although the economy performed better in the third quarter, investments were still modest. On the production side, negative contributions to GDP came from the real estate activities, accommodation and food service activities, and construction sector. On a seasonally adjusted quarterly basis, the GDP grew by 3.3% in Q3, after a downwardly revised 5.5% contraction in Q2. source: Statistics Estonia
GDP Annual Growth Rate in Estonia averaged 4.07 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 January of 2021.
GDP Annual Growth Rate in Estonia is expected to be -4.00 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 2.50 in 12 months time. In the long-term, the Estonia GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 4.00 percent in 2022, according to our econometric models.