Swedbank: Estonia: the economic recession is receding gradually

30.10.2023
  • SwedbankIn Q3, GDP dropped 2.5% y/y in real terms and remained on the same level compared with the previous quarter (swda), according to the flash estimate of Statistics Estonia.
  • The GDP flash estimate was close to our expectations.
  • Estonian GDP has contracted 3% y/y in the first three quarters of the year.
  • The recent deep contraction of manufacturing output, export and retail volumes have stabilised.
  • The slowdown of the decline is expected to continue in Q4 this year and we forecast sluggish economic recovery in 2024.
  • Despite the prolong recession, Estonian labour market has remained strong.

Full report

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