GDP reading: Hong Kong’s GDP expanded 5.9% in annual terms in Q1, following 4.0% growth in the previous quarter and...
Economic Growth in Estonia
Estonia's economy recorded an average growth rate of 2.0% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was -0.3%. For more GDP information, visit our dedicated page.
Estonia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Estonia from 2014 to 2025.
Source: Macrobond.
Estonia GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 8.3 | -1.2 | -2.7 | -0.1 | 0.8 |
| GDP (USD bn) | 37.2 | 38.2 | 41.5 | 43.1 | 47.3 |
| GDP (EUR bn) | 31.5 | 36.3 | 38.4 | 39.8 | 41.8 |
| Economic Growth (Nominal GDP, ann. var. %) | 12.9 | 15.4 | 5.7 | 3.9 | 4.8 |
Economic growth slows in the fourth quarter of 2025
Economy ends 2025 on a weak note: Estonia's GDP expanded 0.7% on a year-on-year basis in Q4, following 1.1% growth in the prior quarter. On a seasonally adjusted quarter-on-quarter basis, economic output shrank 0.1% in Q4, following a 0.1% expansion in the prior quarter. In 2025 as a whole, GDP grew 0.6%, which marked the first expansion since 2021 (2024: -0.1%).
Domestic demand decelerates in Q4: Compared to the previous period's data, readings in Q4 softened for government consumption (+3.1% in annual terms vs +3.4% in Q3), exports of goods and services (+4.7% vs +4.8% in Q3) and imports of goods and services (+3.1% vs +6.2% in Q3). Meanwhile, the variation in private consumption was the same as in the prior quarter (-0.4% in Q4 and Q3). Lastly, the reading for fixed investment improved in Q4 (+6.9% vs -0.5% in Q3).
Panelist insight: EIU analysts said: “We may revise down our 2.4% real GDP growth forecast for Estonia in 2026, but will be closely watching developments relating to the conflict before acting. This reflects the impact of the conflict involving Israel, the US and Iran, which has pushed up global oil and gas prices. Although Estonia has eliminated its previous reliance on Russian gas, it remains reliant on global hydrocarbons imports.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Estonian GDP projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Estonian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Estonian GDP projections.
Want to get access to the full dataset of Estonian GDP forecasts? Send an email to info@focus-economics.com.
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