Estonia’s economic woes continue

Text Mark Taylor
Photo Andrei Chertkov

According to a flash estimate by Statistics Estonia, the economy of the country contracted by 2.1 per cent in the first quarter of 2024 (January, February and March). Placing Estonia as the worst-performing economy by far in the EU in the period.

Although the preliminary estimate states that the gross domestic product (GDP) of Estonia fell by about 2.1 percent compared with the first quarter of 2023, the decline of the country’s economy appears to be slowing down. Compared with the last quarter of 2023, the seasonally and working-day adjusted data shows that the GDP remained at the same level.

In contrast to Estonia, according to Eurostat, the EU economy as a whole picked up slightly in the first quarter, with the GDP in the region growing by 0.5 per cent. So far only Sweden has released a negative GDP figures for Q1 of 2024, albeit just -0.1 per cent. Placing Estonia clearly as the worst-performing economy in the EU at present.

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