Estonia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-0.7

Units In

-1

Frequency

Quarterly

Next Release

Mar 03, 2025

Time to Release

3 Months 0 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
14.1 Dec 1997	-19.4 Sep 2009	3.76 %	1996-2024	Statistics Estonia

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.

Latest Updates

The Estonian economy contracted 0.7% year-on-year in Q3 of 2024, unchanged from a revised figure in the previous period. It was the tenth straight quarter of decline but the softest decrease since Q3 of 2022, with investments slumping by 15.2% (vs 8.3% in Q2), mainly weighed down by non-financial corporations and investments in the government sector. Also, private consumption dropped further (-2.1% vs -1.1%), amid a decline in spending on other goods and services; clothing & footwear, furnishing & food. Meanwhile, net trade continued to show a modest improvement, with exports rebounding (0.1% vs -1.0%) while imports fell 1.3% after showing no growth in Q2. By contrast, government spending accelerated slightly (1.4% vs 1.2%). On the production side, output shrank mainly for construction and manufacturing. On a seasonally adjusted quarterly basis, the GDP showed no growth, after a revised 0.1 expansion in the previous quarter.