Household consumption, backed by a rapid rise in minimum and overall real wages, continues to be the strongest driver of economic activity in Estonia. For the two years ahead we expect a recovery in terms of trade with Western markets, while the decline in exports to Russia has already steadied. Moreover, an upswing in public investments should also speed up economic activity next year. GDP growth is projected to increase from 1.6% in 2016 to 2.2% in 2017.
|Main Economic Indicators||2014||2015||2016||2017||2018||2019|
|Population, 1000 persons.||1315||1315||1315||.||.||.|
|GDP, real change in %||2.8||1.4||1.3||2.2||2.3||.|
|GDP per capita (EUR at PPP)||20900||21600||22000||.||.||.|
|Gross industrial production, real change in %||3.9||-2.2||2.3||.||.||.|
|Unemployment rate - LFS, in %, average||7.4||6.2||6.6||6.7||7.0||.|
|Average gross monthly wages, EUR||1005||1065||1150||.||.||.|
|Consumer prices, % p.a.||0.5||0.1||0.8||1.5||2.5||.|
|Fiscal balance in % of GDP||0.7||0.1||-0.3||.||.||.|
|Public debt in % of GDP||10.7||10.1||9.8||.||.||.|
|Current account in % of GDP||0.9||2.2||2.7||-1.9||-3.6||.|
|FDI inflow, EUR mn||1252||-597||629||.||.||.|
|Gross external debt in % of GDP||96.7||94.8||93.8||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
ESTONIA: Investment and exports to gain momentum
in: Labour Shortages Driving Economic Growth?
wiiw Forecast Report No. Autumn 2016, November 2016 , pp. 66-68 Details and Buy
Monthly Report No. 7-8/2016
Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2016
25 pages including 1 Table and 1 Figure