According to the spring forecast of the European Commission, the economy of the European Union showed strong resilience in a difficult global context last year. The only country out of the 27 family of member states where the economy declined last year was Estonia. This by 1.3 percent. This is twice as deep an economic recession as in the year of the emergency caused by the corona crisis.
If it was recognized at the European Union level that thanks to determined efforts to strengthen energy security and the governments’ timely support measures, it was possible to avoid the winter recession and that there will be solid moderate growth this year as well, this is not the case for Estonia. The winter recession was the deepest in Estonia compared to the last year – in the last quarter of last year and also in the first quarter of this year, we experienced a 4 percent drop.
