A second wave of the coronavirus has pushed the global economy back into recession in the final third of the year. After the outbreak of the disease in spring faded and restrictions were eased, the global economy recovered quite strongly. The global purchasing managers index still showed in early... more

The latest economic forecast from Eesti Pank expects the Estonian economy to recover from the crisis in 2021 and to return to where it was before the crisis in the second half of next year. The outlook for the Estonian economy is uncertain though, as the pandemic remains impossible to predict... more

Kaspar Oja Economist at Eesti Pank

Data from Statistics Estonia put Estonian GDP down 1.9% over the year in the third quarter, but up 3.3% on the previous quarter. This performance is better than that outlined in the baseline forecast scenario and is closer to that in the... more


Governor of Eesti Pank Madis Müller said in a presentation at a conference on accounting on Thursday that the second wave of the pandemic crisis will cause new uncertainty in the economy, which means that rather than increasing its fixed costs, the state should be flexible in the coming year and... more

The spread of the coronavirus from the start of the year had a major impact on the performance of the Estonian economy and of the economy of the whole world. Although the economic decline in many countries was less than was forecast at the first peak of the crisis, the economy of the euro area... more

Governor of Eesti Pank Madis Müller spoke at the Äriplaan 2021 economic conference on Tuesday, where he said that although the Estonian economy has outperformed expectations so far, the uncertainty caused by the outbreak of the coronavirus means that both businesses and the government need to... more


The contraction in the Estonian economy in the second quarter was smaller than had been feared, but a new outbreak of the coronavirus will push the recovery of the economy further into the future. Once the restrictions introduced under the emergency situation were lifted, the economy started to... more


Eesti Pank revised its balance of payment time series starting from 2016 and published them on 08.09 together with the balance of payment statistics for the second quarter.

Alongside the usual data, users can now access an additional set of figures and tables showing Estonia’s position... more

Kaspar Oja Economist at Eesti Pank

Gross Domestic Product (GDP) in Estonia was 6.9% less in the second quarter than a year earlier in the data of Statistics Estonia. This means the economy has done substantially better than was forecast in spring. The fall in the economy has... more


Estonia is going through a global pandemic with wide-ranging economic consequences that will leave the economy 10% smaller than it was last year if the virus fades away and restrictions are not re-imposed. The economy has already started to recover as the restrictions that have been introduced... more

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