Estonia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-0.7

Units In

-1

Frequency

Quarterly

Next Release

May 30, 2025

Time to Release

2 Months 25 Days 8 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 economy of Estonia expanded 1.2% year-on-year in the final quarter of 2024, recovering from a revised 0.4% contraction in the previous period. This also marked the first GDP growth since the first quarter of 2022. Private consumption rebounded (1.2% vs -1.8% in Q3). However, government spending declined (-1.1% vs 1.2%). Fixed investments also dropped, albeit at a slower pace (-10.3% vs -15%). Additionally, net external demand weighed on GDP, as exports (3.2% vs 0.9%) rose less than imports (3.5% vs 0.5%). On the production side, most sectors contributed positively to economic activity, led by the energy sector, real estate, and information and communication. On a seasonally adjusted quarterly basis, GDP grew 0.7% in the December quarter, following a revised 0.2% rise in the preceding quarter.