The 2024 major revision of Estonia’s GDP has been completed
Statistics Estonia has revised the entire time series of gross domestic product (GDP) starting from 1995. During the revision, updated basic data sources were incorporated and methodological improvements were made.
Robert Müürsepp, the national accounts team lead at Statistics Estonia, explained that the Europe-wide major revision means that all countries participating in the European Statistical System revise their macro-economic time series and update the calculation methodologies across the entire series.
“Such revisions are carried out in Europe every five years. The objective is to make major changes in a coordinated manner so that the statistics for different countries remain comparable,” said Müürsepp.
During the major revision, the reference year for the chain-linked GDP time series is changed across Europe. The previous reference year 2015 is replaced by 2020 as the new reference year. This change does not affect GDP trends or growth rates; only the nominal level of the chain-linked time series changes.
An overview of the latest revision of the gross domestic product is available on Statistics Estonia’s website.
National accounts are a kind of an accounting system for the country, showing how the economy is doing.
See also the national accounts section on our website.
When using Statistics Estonia’s data, please indicate the source.
For further information:
Heidi Kukk
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee