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Financial News: Estonian Economy Remains In Recession

Estonian Economy Remains In Recession

03/01/2024 - 09:07:00 (RTTNews)

(RTTNews) - The Estonian economy remained in contraction for the sixth straight quarter in the three months ending December, preliminary figures from Statistics Estonia showed on Friday.

Gross domestic product decreased 2.7 percent year-over-year in the fourth quarter, after a 2.8 percent decline in the third quarter.

In the fourth quarter, there was a continued decline in the energy sector, manufacturing, professional, scientific, and technical activities, and transportation and storage, the agency said.

On the expenditure side, private consumption rose 0.5 percent, and government consumption was 2.0 percent higher. Meanwhile, investments dropped 0.4 percent. Foreign trade was also unfavourable, as exports fell 9.0 percent.

The seasonally and working-day adjusted GDP decreased by 0.7 percent compared with the third quarter.

During the year 2023, overall GDP decreased by 3.0 percent compared with 2022.

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