Statistics: Estonian GDP fell 3 percent in Q4 2022, flash estimate says

Estonia's GDP shrank by 3 percent in Q4 2022, but was almost static for the whole of the year.
Estonia's GDP shrank by 3 percent in Q4 2022, but was almost static for the whole of the year. Source: Siim Lõvi/ERR

While the Estonian economy contracted by 3 percent in the fourth quarter of 2022 (Q4 2022), it remained largely unchanged over 2022 as a whole, according to a first-of-its-kind flash estimate from state agency Statistics Estonia.

Statistics Estonia said: "Estonia's GDP fell by approximately three percent at constant prices in Q4 2022.

"This scenario would mean the Estonian economy falling by a total of around 0.3 percent in 2022, i.e. remaining largely at the level it was a year ago."

In December 2022, retail trade sales revenue fell by 7 percent, year-on-year. Overall, sales revenue increased by 2 percent for the year.

Statistics Estonia was issuing its first ever GDP flash estimate for Estonia, and a final summary will follow on March 1, the agency added.

Statistics Estonia say the flash estimate methodology presupposes, above all, that trends and structures in the economy remain as they had been.

Primary data entered into the models may also not reflect individual large transactions, which may have had a significant impact on the general indicators due to the small size of the Estonian economy, the agency adds.

The flash assessment is based on a dozen models, using different parameters, with the GDP flash estimate being the average of these.


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Editor: Andrew Whyte

Source: Statistics Estonia

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