In 2023, Estonia's GDP composition was significantly driven by the services sector, which contributed 42.62%. Mining, manufacturing, and utilities sectors accounted for 20.91%, marking notable importance. Wholesale, retail trade, restaurants, and hotels followed with 14.31%, while transport, storage, and communication made up 13.58%. The construction sector held 6.02%, and agriculture, hunting, forestry, and fishing were the least at 2.57%. The year-on-year variations show steady growth in the services sector and slight fluctuation in industrial sectors, indicative of a transitioning economy. Over the past five years, a moderate compound annual growth rate (CAGR) has been observed, particularly in the services sector.
Future trends to watch for include further diversification of the services sector, leveraging digital transformation and technology. There may be stabilization in manufacturing as sustainable practices are adopted. The transport and communication sectors might experience enhancements due to improved infrastructure investments, while agriculture may see potential growth through innovation and sustainable techniques. However, geopolitical considerations, global economic conditions, and energy dependency remain crucial factors impacting Estonia’s economic projections.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 42.62 | 2016 | |
| 2 | 2 Mining, Manufacturing, Utilities | 20.91 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 14.31 | 2016 | |
| 4 | 4 Transport, storage and communication | 13.58 | 2016 | |
| 5 | 5 Construction | 6.02 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 2.57 | 2016 |
