Estonian economy contracted by 1.3% in 2022

According to the preliminary data of Statistics Estonia, in the fourth quarter of 2022, the gross domestic product (GDP), which shows how the Estonian economy is doing, declined by 4.1% compared with the same period of 2021. The GDP at current prices was EUR 10 billion.

Robert Müürsepp, leading analyst at Statistics Estonia, said that in the fourth quarter of 2022 the GDP at current prices increased by 11.9%. “At the end of the year, the rapid inflation showed some signs of slowing down, but the impact of inflation on economic growth was still similar to previous periods. After adjustment for inflation, there was a significant decrease in tax revenue as well as value added,” explained Müürsepp.