Estonia’s GDP will decline by 1.8% in 2023 and grow by 1.5% in 2024, according to SEB Bank’s latest forecast, ERR reports. The average unemployment rate will reach 6.5% in 2023 and 6.9% in 2024, the bank projects. Mihkel Nestor, chief economist at SEB, noted that the outlook for the Estonian economy has deteriorated in recent months. The biggest problem is the sharp fall in demand for manufacturing output, which is largely linked to the current economic situation in the Nordic countries, Nestor said. Estonian exports will therefore not return to their previous levels until 2025, he estimated.