map Estonia
The Estonian economy performed at below the EU-CEE average in H1, and GDP is now expected to decline by 1.3% in 2023 as a whole, as the aftermath of severe inflation, major supply issues and interest rate hikes unfolds. With shrinking domestic and foreign demand, the outlook for recovery will largely be determined by the country’s success in gaining a share of new markets, the resurgence of foreign direct investment and the revival of Estonian firms’ competitiveness. Economic growth is expected to gain ground slowly but steadily from next year onwards, with GDP growth forecast to be 1.7% in 2024 and 3.0% in 2025.
Main Economic Indicators202020212022202320242025
Population, 1000 persons133013311349...
GDP, real change in %-1.07.2-0.5-
GDP per capita (EUR at PPP)258202859030530...
Gross industrial production, real change in %-3.013.3-2.0...
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR144815481645...
Consumer prices, % p.a.-0.64.519.
Fiscal balance in % of GDP-5.4-2.5-1.0-3.5-3.3-2.7
Public debt in % of GDP18.617.818.5...
Current account in % of GDP-1.9-2.6-
FDI inflow, EUR m324363221696...
Gross external debt in % of GDP88.785.184.7...

Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.


Executive summary

Branimir Jovanović
in: Beneath the Veneer of Calm
wiiw Forecast Report No. Autumn 2023, October 2023 , pp. I-VI


Monthly Report No. 7-8/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2023
51 pages including 3 Tables, 24 Figures and 1 Box