Estonia GDP


Estonia: GDP accelerates in the final quarter of 2014

February 11, 2015

According to the flash estimate released by Statistics Estonia (SE) on 11 February, the Estonian economy expanded 2.7% over the same quarter of the previous year in Q4 2014. The result marked an acceleration from the 2.2% tallied in Q3. According to SE, the expansion in Q4 was mainly driven by growth in the manufacturing sector, particularly in electronics and wood products. Moreover, exports rose 8.0% in Q4, which was a stronger increase than the 6.6% expansion recorded in Q3.

In seasonally- and working-day adjusted terms, GDP increased 1.1% quarter-on-quarter in Q4, which was notably above the mild 0.2% expansion tallied in the third quarter.

In the full year 2014, GDP expanded 1.8%, which represented a slight improvement compared to the 1.6% increase registered in 2013. More detailed data for national accounts will be released on 11 March.

The Central Bank expects GDP growth to reach 2.1% in 2015 and 3.3% in 2016. FocusEconomics Consensus Forecast participants see the economy growing 2.1% in 2015, which is down 0.2 percentage points from last month’s estimate. In 2016, economic growth is expected to accelerate to 2.9%.

Author:, Economist

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Estonia GDP Chart

Estonia GDP Q4 2014

Note: Year-on-year changes of working day adjusted GDP in %.
Source: Statistics Estonia and FocusEconomics Consensus Forecast.

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