Nordea has pared back it 2014 growth forecast, projecting 2.8 percent.
Last December, the bank was calling for 3.1 percent.
Nordea wrote that economic growth could be hampered by weak investment level on Estonia's main export markets, among them in Scandinavia and Russia.
Last year, as reported yesterday, the Estonian economy grew 0.8 percent and growth in Q4 was just 0.3 percent. Nordea says that was the bottoming-out point.
Growth will be supported by internal consumer spending backed by modest inflation. Export outlook will improve little by little, the bank said.
Swedbank and the Estonian Institute of Economic Research are projecting an even 3 percent growth this year.