Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Estonian Economy
Economy

Estonia’s economy is in recession

11.06.2023
2 min read

Analysts: in 2023, the Estonian economy will remain at the level of the previous year

According to official statistics, the Estonian economy was characterized by a recession at the end of 2022, and GDP shrank by 1.3%. The catering and hospitality industry recovered from the pandemic and showed good results.
A less optimistic picture is in the real estate market, energy, and agriculture. Here, compared to 2021, there has been a decrease in activity. A similar situation is in the financial sector and trade.
Private consumption showed an increase of 2.6%. The volume of consumption in the government segment has remained unchanged since 2021. Investments in Estonia decreased by 10.9% over the past period. Export growth and imports increased by 5.8%. However, last year’s net exports remained negative. Imports exceeded sales of Estonian products to the world market.Estonian Economy declineThe 4th quarter was the worst for the country’s economy. According to its results, the drop in GDP amounted to 4.1% or 10 billion euros in cash. Growth was observed in some sectors, including agriculture. The entertainment industry, hospitality, and catering services showed promising results. The public administration sector also managed to maintain growth.
The most significant declines were in the information services, manufacturing, and communications industries. Activity has also decreased in the science and technology sector, which plays a major role in the Estonian economy.
As for the forecast for 2023, Swedbank analysts have lowered expectations about the economic situation in Estonia. In their opinion, we should expect a decline in GDP by 0.4%. Earlier, experts said about the growth of 0.5%. The country’s economy will not grow this year. Its development will resume in 2024: economic growth is projected at 3%.
Inflation in Estonia was at 19.4% in 2022. In the current period, it is projected to decline to 9.2% and in 2024 to 2.5%. The first half of 2023 is characterized by a downturn in the economy due to decreasing demand on both domestic and global markets. The food and accommodation sectors will be a good stimulus for growth in the second half of 2023. Thanks to a slowdown in inflation, the purchasing power of household incomes can be expected to increase. Swedbank also forecasts increased demand for Estonian products from importers, which will positively affect the industrial sector. Overall, we can talk about the easing price pressure in 2023; however, visible results of economic improvement should not be expected in 2024.

Tags: Economy
0
Previous Post Abigail Johnson: one of the world's most powerful women Next Post International Airlines Group buys Spain's Air Europa

You Might Also Like

long-term bonds
Economy
Estonia issues long-term government bonds with a rate of 3.6%
30.10.2023
Russian sugar industry
Economy
Russia’s sugar industry is in crisis: causes and solutions
03.12.2020
Nordea Bank
Economy
Nordea Bank announced its withdrawal from the Russian market
08.11.2021
India bilateral currency settlements
Economy
India plans to introduce bilateral currency settlements with Latin American and African countries
02.01.2024
slowdown in inflation in Germany
Economy
Germany and other countries recorded a slowdown in inflation
03.02.2023
EU car sales
Economy
EU car sales start to rise in 2023
28.09.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics