Estonia's 2020 economic contraction comparable with near neighbors'

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Tallinn skyline. Source: Siim Lõvi /ERR

Estonia's economic contraction of close to 3 percent in 2020 was comparable with those experienced by its nearest EU neighbors, ERR reports.

Latvia saw the largest economic decline, Lithuania the mildest, during a time when the coronavirus pandemic and its accompanying restrictions hit the global economy hard.

Estonia's Gross Domestic Product (GDP) shrank by 2.9 percent in 2020, compared with 3.6 percent in Latvia and 1.3 percent in Lithuania.

Meanwhile the figures for Finland and Sweden were practically the same as Estonia's – 2.9 percent and 2.8 percent respectively.

In the fourth quarter of 2020 (Q4 2020) alone, Estonia saw a 1.2 percent contraction in GDP, compared with 1.5 percent in Latvia and 1.2 percent in Lithuania.

Finland saw a slight growth in Q4 2020, of 0.4 percent, while Sweden's economy contracted by 2.2 percent over the same period.

Estonia's overall GDP for 2020 stood at €27.2 billion, compared with €29.334 billion for Latvia, and €48.7 billion in Lithuania.

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Editor: Andrew Whyte

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