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Estonia overview


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 -1.0%

Current EBRD forecast for Estonia’s real GDP growth in 2024 2.0%

Following a contraction of 0.5 per cent in 2022, economic activity fell further by an estimated 3.3 per cent year on year in the first half of 2023. High inflation, despite its recent deceleration, has taken its toll on disposable incomes of households, with real wages recovering slowly and unequally, depending on sector-specific nominal wage adjustments. Estonia’s key trading partners in the EU, especially the Nordic economies, are stagnating, which has resulted in a sharp fall in Estonian exports in 2023. A drop in demand hit the manufacturing sector, including furniture production, aggravated by weaker activity in the construction sector. A further reduction in GDP is anticipated this year, by 1.8 per cent, before a return to growth of 2.0 per cent in 2024. Uncertainty related to external demand constitutes the key risk to this scenario, but an expected recovery in investment, including RRF-funded investment in green energy and infrastructure, is expected to support the economy in the coming years.

Estonia in the EBRD’s 2022-23 Transition Report


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