Estland BIP Veränderung zum Vorjahr

The Estonian economy contracted 1.0% year-on-year in Q2 of 2024, easing from a downwardly revised 2.2% fall in the previous period. It was the ninth straight quarter of decline but the softest decrease since Q2 of 2022, as investments rebounded sharply (7.9% vs -9.6% in Q1), mainly boosted by non-financial corporations' investments in other buildings and structures; while government spending accelerated (1.1% vs 0.6%). By contrast, private consumption fell further (-1.3% vs -1.0%), amid a drop in spending on clothing and footwear, transport, miscellaneous goods, and services. Simultaneously, exports (-1.6% vs -7.6%) and imports (-0.3% vs -4.1%) declined much softer. On the production side, output contracted mainly for construction; electricity, gas, steam, and air conditioning supply; and whole and retail trade, repair of motor vehicles and motorcycles. On a seasonally adjusted quarterly basis, the GDP showed no growth, after a downwardly revised 0.3% drop in the previous quarter.