National accounts

Economic growth in Estonia increased significantly

article
Robert Müürsepp

Economic growth in Estonia was broad-based. In the previous years, the growth was largely due to internal consumption, whereas in 2017, the growth became more broad‑based. The role of household consumption decreased. After years of decline, investments began to increase again as a result of improved economic climate, indicating a positive mind-set of entrepreneurs.

GDP chain-linked volume change, 2010‒2017

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Economic growth slowed down in the first quarter

news release no 62

According to Statistics Estonia, the gross domestic product (GDP) of Estonia grew by 3.6% in the first quarter of 2018, compared to the same period of the previous year.

Change of chain-linked value compared to the same period of the previous year, 2014–2018

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Economic growth accelerated in 2017

news release no 21

According to Statistics Estonia, in 2017, the gross domestic product (GDP) of Estonia increased 4.9% compared to 2016. In the 4th quarter of 2017, the Estonian economy grew by 5.0% compared to the 4th quarter of 2016.

Contribution to GDP growth, 4th quarter 2017

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The share of the service sector has grown in all counties

news release no 134

According to Statistics Estonia, 64%, i.e. the majority of the value added generated in the Estonian economy in 2016 was created in Harju county. The share of the service sector continues to grow, having increased in 2016 by more than 2 percentage points in most counties.

<br>Estonia’s GDP by county, 2016

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The economy continued to grow in the 3rd quarter

news release no 125

According to Statistics Estonia, the gross domestic product (GDP) of Estonia increased 4.2% in the 3rd quarter of 2017 compared to the 3rd quarter of the previous year.

Contribution to GDP growth by economic activity, 3rd quarter 2017

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Economic growth further accelerated in the 2nd quarter

news release no 93

According to Statistics Estonia, the gross domestic product (GDP) of Estonia increased 5.7% in the 2nd quarter of 2017 compared to the 2nd quarter of 2016.

Contribution to the GDP growth by economic activity, 2nd quarter 2017

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Gross domestic product

Minifacts about Estonia 2017 (p. 26)

In 2016, the gross domestic product (GDP) at current prices was 20.9 billion euros. The year was characterised by a slow but steady growth of the GDP. In Estonia, the real growth of the GDP was 1.6%, while the European Union’s GDP increased 1.9%.

Publication cover

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National accounts

Eesti Statistika Kvartalikiri. 2/17. Quarterly Bulletin of Statistics Estonia (p. 74)
Annika Laarmaa

In the second half of 2016, Estonia’s economic growth increased; most economic activities contributed to the growth of the gross domestic product. Both domestic and external demand increased as well. Although domestic demand was still slowed down by the decline in investments, private consumption expenditure remained high.

Publication cover

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Economic growth rate accelerated in the 1st quarter

news release no 64

According to Statistics Estonia, the gross domestic product (GDP) of Estonia increased 4.4% in the 1st quarter of 2017 compared to the 1st quarter of the previous year.

Contribution to the GDP growth, 1st quarter 2017

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The Estonian economy grew last year

news release no 22

According to Statistics Estonia, in 2016, the gross domestic product (GDP) of Estonia increased 1.6% compared to 2015. In the 4th quarter of 2016, the Estonian economy grew 2.7% compared to the 4th quarter of 2015.

Contribution to the GDP growth, 4th quarter 2016

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