Estonia: GDP down 3% in 2023: statistics

Estonia’s GDP totalled EUR 37.7 billion at current prices in 2023, which was down 3% from 2022, according to data from Statistics Estonia, ERR reported. Robert Müürsepp, national accounts team lead at Statistics Estonia, said that Estonia’s economy was in broad-based recession in 2023, with decline recorded in most major sectors. Information and communication had the biggest negative impact, while trade and real estate sectors showed growth. Value added in the non-financial sector declined by 4.4% and in the financial sector by 5.2% over a year. Investments declined by 3.4% in 2023. Meanwhile, the general government sector saw a 3.5% growth in 2023. Tax revenue dropped by 1.9%. Government expenditure rose by 0.9% in 2023. Private consumption fell by 1.5%, with household expenditure on goods dropping by 3.1%, while expenditure on services rose by 0.3% on year. Foreign trade accounted for 78% of Estonia’s GDP in 2023, which was down from 86% in 2022.