Estonian economy estimated to grow no more than 2.5 percent in 2020 2020-02-17T12:27:27+00:00

Swedbank head economist Tõnu Mertsina. Source: Swedbank

Estonian economy estimated to grow no more than 2.5 percent in 2020


Estonia’s economy is not expected to grow more than 2.5 percent in 2020, analysts for banks SEB and Swedbank said on Tuesday. Swedbank estimated a 2.4 percent increase and SEB predicts a 2 percent rise.

Swedbank expects the Estonian economy to grow 2.4 percent this year, a rate 0.3 percentage points higher than the estimate put forward by the bank in November.

The bank left its GDP growth forecast on Estonia for 2021 unchanged at 2.5 percent, it appears from the fresh Swedbank Economic Outlook.

Consumption by households is expected to grow 2.5 percent in 2020, 0.2 percentage points faster than the forecast offered in November. The forecast for 2021 was left unchanged at 2 percent.

The Estonian consumer price index meanwhile is expected to rise 2 percent this year according to the fresh forecast, compared with the November forecast of 2.3 percent. The forecast for 2021 was lowered by 0.1 point to 2.1 percent.

The estimate concerning the rate of unemployment for 2020 was lowered from 5.1 percent to 4.9 percent, while the estimate for 2021 was left at 5.4 percent.

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