Country Economic Forecasts - Estonia
Estonia continues to be a bright spot in an otherwise darkening eurozone as GDP growth surprised on the upside in Q4, rising by 2.2% q/q and 4.3% y/y. Investment growth rebounded by almost 18% from a year earlier after a dismal H1 2018. Buoyant consumption and construction spending underpinned full-year 2018 growth of 3.9%, among the fastest in the eurozone, but the pace is forecast to slow to 3% in 2019 and 2.7% in 2020. Supply constraints – already lifting inflation above the eurozone average – should cool in 2019 as a pick-up in investment should ease wage growth. But wider eurozone weakness is expected to weigh on exports this year.
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