wiiw Forecast Reports

ESTONIA: Heading into the unknown


Maryna Tverdostup

in: Overshadowed by War and Sanctions
wiiw Forecast Report No. Spring 2022, April 2022 , pp. 61-64

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Economic performance in 2021 exceeded all expectations, with 8.3% GDP growth. This was steered by strong consumption, massive production expansion and a strengthening position on the global market. Yet the war has been a turning point. Because the Estonian economy started the year in excellent shape, economic recession will likely be avoided. However, real economic growth will fall to 1.8% in 2022, due mainly to rapid price rises, supply-side issues, disruptions to exports and a lack of major one-off investment – all magnified by the immense geopolitical uncertainty.


Reference to wiiw databases: wiiw Annual Database, wiiw Monthly Database

Countries covered: Estonia