Estonia economy shrinks further in Q4

Figures

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Estonia's gross domestic product (GDP) dropped an unadjusted 1.2% year-on-year after a 2.5% slump in the third quarter, preliminary data from Tallinn-based Statistics Estonia (SE) showed Monday.

The economy has been shrinking since the first quarter of 2020 as the coronavirus started spreading across the world. In the fourth quarter of 2019, the economy had expanded 5.3%.

Household consumption decreased by 1.3% in the fourth quarter. While expenditure on furnishings, food and communication continued to increase, spending on transport, clothing and leisure decreased.

On a seasonally and working-day adjusted basis, GDP decreased 1.9% year-on-year after a 3.5% fall in the third quarter. Compared to the previous three months, GDP grew an unadjusted 7.3% in the fourth quarter after a 7.1% increase in the third quarter. Seasonally and working-day adjusted GDP rose 2.1% sequentially following a 2.5% growth in the previous quarter. 

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