
Estonia Economic Outlook
May 31, 2022
Q1 GDP likely grew at a healthy annual pace. However, the expansion will have been slower than in Q4, and the economy likely registered a contraction in quarter-on-quarter terms. Looking at available indicators, industrial activity in January–March grew at a softer year-on-year pace than in Q4. Meanwhile, retail sales growth also eased amid the red-hot inflation rate and the Omicron wave, although a tight labor market, government aid and pent-up savings likely sheltered spending somewhat. In Q2, industrial activity is likely suffering from global commodity market shocks: Producer prices in April were at a 27-year high. That said, entry requirements for international travelers were eased on 1 April, which should be supporting tourism. In May, Estonia adopted a nearly EUR 900 million supplementary budget for defense spending, energy security and refugee aid, which should boost domestic demand.Estonia Economic Growth
In 2022, economic growth is set to slow notably from last year’s rally, owing to inflation stifling private spending and the fallout from the Ukraine war hampering trade and industrial activity. Still, incoming EU funds, a robust labor market and major growth in military spending will support growth. Energy insecurity and slowdowns among trading partners cloud the outlook. FocusEconomics analysts see the economy growing 2.3% in 2022, which is down 0.4 percentage points from last month’s forecast, and 3.0% in 2023.Estonia Economy Data
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Estonia Facts
Value | Change | Date | |
---|---|---|---|
Exchange Rate | 1.12 | 0.65 % | Dec 31 |
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Estonia Economic News
-
Estonia: Inflation comes in at highest level since September 1996 in May
June 7, 2022
Consumer prices increased 1.92% in May over the previous month, a smaller increase than April's 3.56% rise.
-
Estonia: Industrial output growth slows in April
June 2, 2022
Industrial production rose 3.8% year-on-year in seasonally- and calendar-adjusted terms in April (March: +7.9%).
-
Estonia: Inflation comes in at highest level since September 1996 in April
May 6, 2022
Consumer prices rose 3.56% over the previous month in April, accelerating from March's 2.67% increase.
-
Estonia: Industrial output growth rises in March
May 3, 2022
Industrial output expanded 7.9% year-on-year in seasonally- and calendar-adjusted terms in March, which followed February's 1.7% increase.
-
Estonia: Inflation comes in at highest level since November 1996 in March
April 7, 2022
Consumer prices rose 2.67% from the previous month in March, picking up from the 1.45% increase logged in February.