Financial News: Estonian Economy Recovers In Q4

Estonian Economy Recovers In Q4

03/03/2025 - 05:45:00 (RTTNews)

(RTTNews) - The Estonian economy expanded strongly in the final quarter of 2024 after remaining stuck in recession for nearly two years, preliminary figures from Statistics Estonia showed on Monday.

Gross domestic product rose 1.2 percent year-over-year in the fourth quarter, reversing a 0.4 percent fall in the previous quarter.

Further, the economy expanded for the first time since the second quarter of 2022.

The energy sector led the way, with value added increasing by 21 percent, followed by real estate activities and information and communication, with both rising by 5.7 percent, Robert Muursepp, the national accounts team lead at Statistics Estonia, said.

On the expenditure side, private final consumption expenditure grew 1.2 percent, driven by increases in expenditures on insurance and financial services, transport, and information and communication. Meanwhile, government consumption dropped 1.1 percent.

Investments declined further, which was more evident in the government sector. Exports climbed 3.2 percent, and imports were 3.5 percent higher.

The seasonally and working-day adjusted GDP increased by 0.7 percent compared with the third quarter and by 1.1 percent annually in the fourth quarter.

During the whole year 2024, Estonia's GDP contracted 0.3 percent compared to 2023.

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