In Estonia we focus on:
Supporting investments in energy efficiency and renewable energy. Supporting energy efficiency investments particularly in industrial companies as well as investments in renewable energy generation continue to be the EBRDs key priorities in Estonia.
Improving the competitiveness of the export sector. To assist in improving exporting enterprises competitiveness through increased usage of advanced technology and to invest in equity and mezzanine funds in order to facilitate further development of the SME sector.
Supporting cross-border investments by Estonian companies, particularly in the EBRD’s region of operations, to enable Estonian firms to establish a foothold in foreign markets and benefit from efficiencies that access to larger markets would bring.
Estonia is a supporter of the Eastern Europe Energy Efficiency and Environment Partnership Fund and has contributed €602.000 to date in activities in Belarus, Ukraine, Georgia and Moldova.
The EBRD’s latest strategy for Estonia was adopted on 15 September 2021
Current EBRD forecast for Estonia’s real GDP growth in 2023 -1.3%
Current EBRD forecast for Estonia’s real GDP growth in 2024 2.8%
Estonia was the only EU economy in the EBRD regions to experience recession in 2022, with GDP shrinking by 1.3 per cent as investment contracted by 10.9 per cent. Public sector expenditures and net exports also contributed negatively to GDP growth. GDP is expected to shrink by 1.3 per cent in 2023, although the economic outlook is gradually improving relative to a year ago. The annual HICP inflation rate peaked in August 2022 at 25.2 per cent and has since come down to 15.6 per cent year-on-year in March 2023. External demand is expected to recover gradually in Estonia’s main trading partners, providing a boost to exports later this year and next. Public investment, much of it co- financed with the EU, is expected to add to GDP growth in 2024, projected at 2.8 per cent, with the economy also supported by recovering private consumption, though this may be tempered by expected tax increases in 2024.