Estonia’s annual GDP totalled EUR 39.5bn at current prices in 2024, which was down 0.3% from 2023, according to data from Statistics Estonia, ERR reports. In the fourth quarter of 2024, the GDP totalled EUR 10.6bn, which was up 1.2% from a year earlier. This marked the end of ten quarters of recession in the Estonian economy. The last time the GDP grew was in the first quarter of 2022. The growth was unexpected as Statistics Estonia had earlier forecast a 0.1% drop in GDP in the fourth quarter of 2024, ERR reported. Value added in the energy sector rose by 21%, in real estate by 5.7%, in information and communication by 5.7%, in trade by 0.8%, and in manufacturing by 0.5% over a year. Value added in the construction sector dropped by 12.9%, however. Private consumption increased by 1.2%, whereas government sector expenditure decreased by 1.1% on year in the fourth quarter of 2024. Investments declined by 10.3%. Exports of goods and services rose by 3.2% and imports by 3.5%.
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