GDP flash estimate: economy contracted by 3% in Q4

Posted on 31 January 2024, 8:01

According to Statistics Estonia's preliminary estimate, gross domestic product (GDP) continued to decline in the fourth quarter of 2023. GDP fell by approximately 3% compared with the fourth quarter of 2022.

Robert Müürsepp, team lead of national accounts at Statistics Estonia, said that, in comparison with the previous quarters, the recession has slowed a little. “The seasonally and working-day adjusted GDP remained unchanged from the third quarter of 2023,” Müürsepp added.

According to Eurostat, the European Union's economy was flat in the fourth quarter – the GDP of the EU grew by just 0.2%.

Flash estimate of GDP, at constant prices and seasonally and working-day adjusted

Statistics Estonia will publish GDP data for the fourth quarter of 2023 on March 1.

See also the GDP flash estimate in the statistical database. Learn more about national accounts.

When using Statistics Estonia’s data and graphs, please indicate the source.


For further information:

Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] (press[at]stat[dot]ee)

Photo: Shutterstock