Finance ministry: GDP nominal growth 6.4 percent in 2021

Estonia’s nominal Gross Domestic Product (GDP) is forecast to grow by 6.4 percent as a nominal figure, the Ministry of Finance says, representing a recovery from an unofficial 2020 forecast of a -5.6 percent contraction.

The finance ministry is to fully publish the 2021 forecast Monday, which also includes a real GDP growth forecast of -5.5 percent for 2020 and 4.5 percent for next year, ERR’s online news in Estonian reports.

The 2020 forecast represents an improvement on those at the height of the coronavirus crisis in spring, where figures of 10-14 percent contraction were mentioned.

The ministry is publishing its new economic forecast at 11.00 a.m. Monday, accompanied by a press conference where finance minister Martin Helme (EKRE) will appear alongside analysts Madis Aben and Margus Täht.

The forecast is one of the indicators the ministry uses in planning its state budget, which will be finalized at the end of this month and sent to the Riigikogu for debate, with a view to a vote in December.

The finance ministry’s state budget period is 2021-2024.

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