Estonia Economic Outlook
September 29, 2020Comprehensive national accounts data revealed that the economy shrank at the sharpest pace since the 2009 global financial crisis in Q2 as the Covid-19 outbreak and associated restrictions hammered consumer and capital spending as well as exports. Heading into Q3, a recovery in activity is underway, although it seems to be slowing somewhat. After surging in June over the previous month, industrial production lost considerable stride in July on a sharp contraction in mining activity and waning manufacturing output. On the external front, goods exports slipped in July after flatlining in June, as shipments of mineral products and to Nordic countries fell. That said, sentiment indicators have been on the rise since the worst of the health crisis in Q2, boding well for sustaining momentum.
Estonia Economic GrowthEconomic activity is poised to contract at the sharpest clip in over a decade this year as restrictions to contain the spread of the pandemic hit domestic and external demand hard. Next year, however, output is expected to rebound and grow at a strong pace as demand revives. Sluggish recoveries in the Eurozone and a sharp resurgence of Covid-19 cases cloud the outlook. FocusEconomics analysts see the economy contracting 5.2% in 2020. In 2021, GDP is seen growing 4.7%, which is down 0.5 percentage points from last month’s forecast.
Estonia Economy Data
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Estonia Economic News
October 7, 2020
Consumer prices declined 0.29 over the previous month in September, contrasting the 0.64% rise logged in August.
September 30, 2020
Industrial output dropped 5.4% year-on-year in calendar day-adjusted terms in August, which was greater than July’s 0.3% dip.
September 7, 2020
Consumer prices increased 0.64% over the previous month in August, after they stagnated in July.
August 31, 2020
Industrial output declined 0.4% year-on-year in seasonally- and calendar-adjusted terms in July, which was markedly softer than June's 5.2% decrease.
August 31, 2020
GDP plunged 6.9% year-on-year in the second quarter, significantly greater than the 0.7% contraction logged in the first quarter and the steepest drop since the depths of the 2009 global financial crisis.