Estonia GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

-1

Units In

-2.4

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

2 Months 28 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
14.1 Dec 1997	-19.4 Sep 2009	3.79 %	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 1.0% year-on-year in Q2 of 2024, easing from a downwardly revised 2.2% fall in the previous period. It was the ninth straight quarter of decline but the softest decrease since Q2 of 2022, as investments rebounded sharply (7.9% vs -9.6% in Q1), mainly boosted by non-financial corporations' investments in other buildings and structures; while government spending accelerated (1.1% vs 0.6%). By contrast, private consumption fell further (-1.3% vs -1.0%), amid a drop in spending on clothing and footwear, transport, miscellaneous goods, and services. Simultaneously, exports (-1.6% vs -7.6%) and imports (-0.3% vs -4.1%) declined much softer. On the production side, output contracted mainly for construction; electricity, gas, steam, and air conditioning supply; and whole and retail trade, repair of motor vehicles and motorcycles. On a seasonally adjusted quarterly basis, the GDP showed no growth, after a downwardly revised 0.3% drop in the previous quarter.