GDP per capita in Estonia
Estonia - GDP per capita (Euros)
Growth slows in Q2
The economy grew 3.6% in annual terms in the second quarter, decelerating markedly from the first quarter’s 5.0% expansion, according to a comprehensive estimate released by Estonia’s Statistical Institute on 30 August. In seasonally- and working-day adjusted quarter-on-quarter terms, growth edged down to 0.4% in the second quarter, from 0.5% in the first quarter.
The second-quarter slowdown was chiefly driven by faltering household spending and a less favorable external backdrop. Private consumption slowed considerably in the quarter (Q2: +1.1% year-on-year; Q1: +5.4% yoy) amid a pick-up in inflationary pressures and a jump in the unemployment rate. Similarly, government spending decelerated sharply (Q2: +0.7% yoy; Q1: +5.9% yoy), weighing further on overall consumption growth. On a more positive note, fixed investment soared from an already robust showing in the previous quarter (Q2: +24.6% yoy; Q1: +17.8% yoy), chiefly on the back of booming private sector investment activity.
On the external front, export growth fell markedly (Q2: +2.2% yoy; Q1: +6.7% yoy), largely on sliding services exports amid faltering trade within the Eurozone. Imports, on the other hand, accelerated slightly in the second quarter (Q2: +5.0% yoy; Q1: +4.1% yoy), led by surging imports of motor vehicles, trailers and semi-trailers. As a result, the external sector’s contribution to GDP deteriorated in the second quarter, compared to the first quarter.
The Central Bank sees GDP expanding 3.0% in 2019 and 2.3% in 2020. Our panelists, meanwhile, are slightly more optimistic: They project the economy to grow 3.2% this year, which is up 0.1 percentage points from last month’s forecast, before moderating to 2.5% in 2020.
Estonia - GDP per capita (EUR) Data
|GDP per capita (EUR)||14,364||15,256||15,705||16,476||17,931|
5 years of economic forecasts for more than 30 economic indicators.
|Exchange Rate||1.10||0.65 %||Sep 04|
|Stock Market||1,235||-0.38 %||Sep 04|
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September 6, 2019
Consumer prices rose 0.7% over the previous month in August, contrasting a 0.1% month-on-month drop in July.
September 2, 2019
Industrial output fell 5.3% in annual working-day adjusted terms in July, compared to a slightly softer 3.8% year-on-year (previously reported: +3.2%) dip in June.
August 30, 2019
The economy grew 3.6% in annual terms in the second quarter, decelerating markedly from the first quarter’s 5.0% expansion, according to a comprehensive estimate released by Estonia’s Statistical Institute on 30 August.
August 12, 2019
Consumer prices fell 0.1% from the previous month in July, contrasting a 0.2% uptick in June and marking the first contraction since January 2019.
July 31, 2019
Industrial output fell 3.8% in annual working-day adjusted terms in June, contrasting a 1.2% year-on-year increase in May.