Estonia’s real GDP will decline by 2.0% in 2023, according to the Ministry of Finance’s latest forecast, BNS reports. The GDP will grow by 2.7% in 2024, by 3.0% in 2025, by 2.5% in 2026, and by 2.2% in 2027, the ministry projects. Earlier, the ministry expected real GDP to drop by 1.5% in 2023 and to grow by 3.0% in 2024. Nominal GDP growth will reach 7.7% in 2023, before dropping to 6.8% in 2024, to 5.5% in 2025, to 4.8% in 2026, and to 4.4% in 2027. Annual inflation will slow down to 9.6% (9.2%) in 2023, to 4.6% (3.0%) in 2024, to 2.5% in 2025, and to 1.7% in 2026, before rising to 1.9% in 2027, according to the forecast. Real growth of average wages will amount to 1.5% in 2023 and 1.9% in 2024.
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