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SEB increases Estonia's 2017 economic growth forecast to 4.1 percent

SEB building in Tallinn.
SEB building in Tallinn. Source: Siim Lõvi/ERR

In its fresh Nordic Outlook, SEB has increased its economic growth estimate for Estonia to 4.1 percent in 2017 and 3.3 percent in 2018.

The Estonian economy this year has been favored by large investments, supported by which economic growth has accelerated. A slightly slower economic growth with 3.3 percent can be expected next year. Economic growth next year will be more balanced than this year's growth, however, it appears from the fresh Nordic Outlook.

In addition to strong external demand, which favors exporting companies, the consumption of households is also to increase in 2018 due to the income tax reform, as a result of which many people will be left with more money.


Next year, main fixed assets investment will be contributed to by active construction activity, the financing of which will be aided by European Union Structural Funds. Companies' low demand for loans, meanwhile, indicates their continued cautiousness.

According to SEB, the growth of the harmonized index of consumer prices (HICP) is to amount to 3.6 percent this year and three percent in 2018.

In its spring Nordic Outlook published in May, SEB left the 2017 economic growth forecast on Estonia unchanged at 2.2 percent and the forecast for 2018 unchanged at 3.1 percent.

Editor: Aili Vahtla

Source: BNS

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