중동부유럽

On May 22, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Estonia, and considered and endorsed the staff appraisal without a meeting. 

The economy of Estonia is gathering steam after several years of subdued growth. Real GDP grew by 4.9 percent in 2017, more than double the rate achieved a year earlier. Growth remains broad-based, and supported by strong private and public investment—the latter partly reflecting increased absorption of EU structural funds—and favorable external conditions. However, output runs above its sustainable level, and supply-side constraints are becoming more binding. Private consumption remains subdued, reflecting to some extent the impact of rising inflation on real wages. HICP inflation declined to 3.2 percent in the first quarter of 2018, but was well above the EU average throughout 2017, mostly driven by higher food and oil prices, one-off excise tax hikes, services, and wage increases. The external position remains substantially stronger than implied by medium-term fundamentals and desirable policies.