Estonia Economic Outlook
October 27, 2020Although activity started to firm following the pandemic-induced fall in GDP in Q2, signs have emerged that the recovery is waning. Industrial production contracted more heavily in August than in July as manufacturing output, particularly of metal products and electrical equipment, shrank. Similarly, conditions on the external front remained somewhat fragile, with the decline in goods exports deepening in August on lower shipments to key trading partners Finland and Sweden. Moreover, consumers remained as pessimistic in Q3 as they were during the worst of the health crisis in Q2, likely weighing on household spending, as suggested by retail sales growth losing pace in July–August from June’s over one-year high. Meanwhile, Fitch Ratings affirmed the country’s credit rating at AA- with a stable outlook in late September, owing to its sound fiscal management and sustained current account surpluses.
Estonia Economic GrowthAlthough the Covid-19 fallout will pummel activity this year, the economy is seen rebounding back to growth next year as domestic and external demand gradually firm. An improving labor market is poised to support incomes and thus private consumption, while reduced uncertainty props up investment. The recent virus resurgence seen across the EU poses a downside risk to the outlook. FocusEconomics analysts see the economy growing 4.1% in 2021, which is down 0.6 percentage points from last month’s forecast, and 3.5% in 2022.
Estonia Economy Data
5 years of Estonia economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|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
December 7, 2020
Consumer prices climbed 0.12% over the previous month in November, contrasting the 0.51% declined logged in October.
December 1, 2020
Industrial output rose 1.0% year-on-year in calendar-day adjusted terms in October, rebounding from September’s 2.4% fall and breaking a streak of seven consecutive months of tumbling production.
November 30, 2020
GDP dipped 1.9% year-on-year in the third quarter, softening from the 6.9% contraction logged in the second quarter, which had marked the sharpest downturn since the 2009 global financial crisis. The softer decline reflected gradually recovering activity amid the loosening of pandemic-related restrictions.
November 6, 2020
Consumer prices slid 0.51% over the previous month in October, following the 0.29% decline logged in September.
October 30, 2020
Industrial output dropped 2.4% year-on-year in calendar-day adjusted terms in September, which was softer than August’s 5.7% decline.