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Country Report Estonia Product Image

Country Report Estonia

  • ID: 2114012
  • March 2015
  • Region: Estonia
  • 67 Pages
  • The Economist Intelligence Unit

According to preliminary data from Statistics Estonia, real GDP rose by 3% year on year in the final quarter of 2014, yielding a full-year average of 2.1%, up from 1.6% in 2013. On a seasonally and working-day adjusted basis, real GDP increased by 1.2% quarter on quarter.

Private consumption growth accelerated to 5.7% year on year in the final three months of 2014 from 5.2% in July-September, supported by an increase in real wages. Public consumption growth and changes in inventories contributed positively to overall domestic demand, which grew by 5% year on year during the fourth quarter, up from 2.7% in the third. However, against a backdrop of geopolitical uncertainty, gross fixed capital formation contracted in the second half of 2014, by 7% year on year in October-December and 9.8% in July-September.

Despite economic weakness in Finland and Russia-two of Estonia's most important trading partners, accounting for a combined share of around 28% of its exports-the contribution to growth from the external balance was slightly better than expected. Exports of goods and services grew by 6% year on year in October-December, outpacing a 5.9% rise in imports. Exports of electronics were particularly strong, reflecting the success of structural reforms that have increased Estonia's international competitiveness within this high-value-added sector.

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Country Report Estonia

Real GDP grew by 2.1% in 2014
Event
Analysis
Impact on the forecast

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Note: Product cover images may vary from those shown

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