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Economy in Numbers

24.03.2016

(last updated: 22.03.2016)

Key Facts

  • Currency: from 1 January 2011 Estonia is member of eurozone and the currency in Estonia is euro.
  • Estonia became the OECD's 34th member country on 9 December 2010.
  • Tax system: 20% flat income tax, reinvested corporate profit is tax free; 20% VAT

International Credit Ratings

  • Moody's: A1, outlook stable (July 2015)
  • Standard & Poor’s: AA-/A-1+, outlook stable (December 2015)
  • Fitch: A+, outlook stable (November 2015)

Key Indicators

  2008 2009 2010 2011 2012 2013 2014
Population as of 1 January (million) 1.34 1.34 1.33 1.33 1.33 1.32 1.32
GDP at current prices (billion EUR) 16.5 14.1 14.7 16.7 18.0 19.0 20.0
Real growth of GDP (%) -5.4 -14.7 2.5 7.6 5.2 1.6 2.9
GDP per capita at current prices (EUR) 12 353 10 600 11 054 12 556 13 613 14 427 15 186
GDP per capita (PPS) (EU-27=100) 69 62 63 68 71 73 73
Annual FDI (million EUR) 1 249.1 1 324.1 772.9 700.5 1 221.4 416.4 740.9
FDI position, as of 31 December (million EUR) 11 101 10 996 11 442 12 311 14 193 15 194 15 895
FDI position per capita, as of 31 December (EUR) 8 284 8 206 8 603 9 256 10 671 11 511 12 042
Consumer price index compared to previous year (%) 10.4 -0.1 3.0 5.0 3.9 2.8 -0.1
Unemployment rate** (%) 5.5 13.8 16.9 12.5 10.2 8.6 7.4
Average monthly wage (EUR) 825 784 792 839 887 949 1 005
Current account balance (% of GDP) -8.7 2.5 1.8 1.4 -2.5 -1.4 -0.1
Deficit (-)/Surplus of general government (% of GDP) -2.7 -2.2 0.2 1.2 -0.2 -0.2 0.6
Export (billion EUR)*** 8 470 6 487 8 743 12 003 12 521 12 297 12 083
Import (billion EUR)*** 10 896 7 270 9 268 12 727 14 097 13 891 13 735
Trade balance (billion EUR)*** - 2 426 - 783 - 525 - 724 - 1 575 - 1 593 - 1 651
General government consolidated dept (% of GDP) 4.5 7.0 6.5 6.0 9.7 10.1 10.6

Sources: Population Register, Bank of Estonia, Ministry of Finance, Statistical Office of Estonia,

GDP by Main Fields of Economic Activity (as a % of total GDP)

Field of Activity 2008 2009 2010 2011 2012 2013 2014
Manufacturing 15.7 14.2 15.8 16.5 16.1 15.9 16.0
Wholesale and retail trade; repair of motor vehicles etc. 12.8 11.7 11.8 12.1 12.4 12.7 12.7
Real estate activities 9.7 10.6 9.8 9.7 9.8 10.2 10.5
Construction 9.6 7.1 5.9 7.0 7.5 7.5 7.1
Transport and storage 7.7 8.0 9.0 8.7 8.9 8.7 8.0
Public administration and defence; compulsory social security 6.6 8.0 7.5 6.9 6.7 6.8 7.0
Information and communication 4.9 5.5 5.3 5.0 4.9 5.0 4.9
Education 4.8 5.5 5.0 4.6 4.4 4.5 4.6
Administrative and support service activities 3.5 3.8 3.7 3.6 3.5 3.7 4.0
Professional, scientific and technical activities 4.9 5.3 5.3 5.0 5.1 4.7 5.0
Agriculture, forestry and fishing 2.7 2.4 3.2 3.9 4.1 3.6 3.7
Financial and insurance activities 5.4 4.4 4.1 4.0 3.7 3.3 3.5

Source: Statistical Office of Estonia

Main Trade Partners in 2015, as a % of total trade

Country Exports Country Imports
1. Sweden 18.8 1. Finland 14.5
2. Finland 16.0 2. Germany 11.1
3. Latvia 10.3 3. Lithuania   9.4
4. Russia   6.7 4. Latvia   8.7
5. Lithuania   5.8 5. Sweden   8.5
6. Germany   5.2 6. Poland   7.4
7. Norway   4.1 7. Russia   5.8
8. Netherlands   3.2 8. Netherlands   5.5
9. USA   3.1 9. China   4.0
10. Denmark   2.9 10. United Kingdom   2.7
Others 23.9 Others 22.4

Main Exports and Imports in 2015, as a % of total trade

Main Commodity Groups Exports Main Commodity Groups Imports
Machinery and appliances 28.5 Machinery and appliances 28.1
Wood and articles of wood   9.9 Mineral products 12.9
Agricultural products and food preparations   9.8 Agricultural products and food preparations 10.8
Mineral products   9.4 Transport equipment   8.6
Miscellaneous manufactured articles   8.7 Chemical products   8.1
Metals and products thereof   7.5 Metals and products thereof   8.0
Transport equipment   6.0 Articles of plastics and rubber   5.3
Chemical products   4.7 Textile products   4.6
Articles of plastics and rubber   3.3 Wood and articles of wood   2.9
Textiles and textile articles   3.0 Miscellaneous manufactured articles   2.3
Foto, medical and measuring apparatus   3.0 Medical and measuring apparatus   2.2
Others   6.2 Others   6.2

Source: Statistical Office of Estonia

According to Statistics Estonia, in 2015 the exports of goods from Estonia at current prices totalled 11.6 billion euros and imports 13.1 billion euros. In 2015 exports of goods decreased by 4% and imports by 5% compared to 2014.

In 2014 78% of Estonia’s total trade was with EU member countries. Estonia’s main trade partners are Finland, Sweden, Latvia and Germany. In 2015 the value of goods exported from Estonia to the EU28 countries was 8.7 billion euros, accounting for 75% of Estonia’s total exports.

Imports from the EU28 countries to Estonia totalled 10.8 billion euros with the share of 83% of Estonia’s total imports in 2015.

Direct Investment Position in Estonia by Countries

as of 31 December 2015

Country Million EUR % of total
EU28 14 067.7 81.0
Euro-zone19  8 921.3 51.4
CIS 1 061.9  6.1
1. Sweden   4 366.5   25.1
2. Finland   3 925.0   22.6
3. Netherlands   1 682.1    9.7
4. Russia      843.8    4.9
5. Norway      680.3    3.9
6. Cyprus      632.3    3.6
7. Lithuania      580.2    3.3
8. Luxembourg      540.1    3.1
9. Latvia      448.7    2.6
10. Denmark      390.4    2.2
Others   3 283.3   18.9
Total 17 372.7 100.0

Source: Bank of Estonia

Estonia's Direct Investment Position abroad by Countries

as of 31 December 2015

Country million EUR % of total
EU28 4 672.5 83.9
Euro-zone19 4 384.3 78.7
CIS    633.4 11.4
1. Cyprus 1 210.5 21.7
2. Lithuania 1 208.0 21.7
3. Latvia 1 027.8 18.5
4. Finland    396.2   7.1
5. Ukriane    282.6   5.1
6. Netherlands    219.7   3.9
7. Russia    217.4   3.9
8. Italy      99.4   1.8
9. Belarus      90.9   1.6
10. USA      86.2   1.5
Others    730.6 13.1
Total 5 569.3 100.0

Source: Bank of Estonia

Telecommunications and IT

  • 88% of population aged 16 to 74 are Internet users (2015, Statistics Estonia).
  • 88% of households have access to the Internet at home (2014, Statistics Estonia).
  • All Estonian schools are connected to the Internet.
  • All Estonian towns and villages are covered by the network of public Internet access points.
  • There are more than 1 006 free wireless Internet zones around the country. More information: www.wifi.ee
  • Incomes can be declared to the Tax and Customs Board via Internet. In 2014, the percentage of electronic tax declarations was 95.4.
  • The Government has changed Cabinet meetings to paperless sessions using a web-based document system
  • All of Estonia is covered with digital mobile phone networks
  • There are more mobile phone contracts than residents - 139 per 100 people

With its policies and innovative initiatives the Estonian Government is helping companies make the information technology sector one of the fastest growing in the country. The World Economic Forum's Global Information Technology Report 2015 - The Networked Readiness Index, also indicates a strong Estonian standing in government and the community readiness to participate in and benefit from ICT developments: the study ranks Estonia 22nd out of 143 countries thanks to its regulatory framework for ICT, making Estonia the leader among the Central and Eastern European countries.

Economic Development Perspectives - Growth and associated factors 2016-2019

Main economic indicators 2016* 2017* 2018* 2019*
GDP real growth (%) 2.6 3.4 3.2 3.0
GDP (in nominal terms, billion EUR) 21.7 23.1 24.6 26.0
GDP deflator (%) 2.6 2.9 3.0 2.7
Consumer price index (%) 2.0 2.9 3.0 2.9
Employment (15–74 years old, thousands) 627.5 625.4 622.8 621.5
Employment growth (%) -0.6 -0.3 -0.4 -0.2
Unemployment rate (ILO) 6.3 7.2 8.4 9.4
Average wage (EUR) 1 096 1 155 1 224 1 297
Wage real growth (%) 2.4 2.4 3.0 2.9
Current account (% of GDP) 1.6 1.3 1.0 0.6
Deficit(-)/Surplus of state budget (% of GDP) -0.2 0.1 0.8 1.4
General governement consolidated debt (% of GDP) na na na 7.6

* Forecast;
Source: Ministry of Finance, September 2015

A Comparison of Economic Forecasts from Various Institutions 2016-2017

  Economic growth, % Consumer price index, % Current account,
% of GDP
  2016 2017 2016 2017 2016 2017
IMF (October 2015) 2.0 2.9 0.2 1.6  0.6  0.3
OECD (November 2015) 2.1 3.3 n.a n.a  0.8  0.6
European Commission (February 2016) 2.1 2.3 1.0 2.5  1.6  0.3
Bank of Estonia (December 2015) 2.2 3.1 1.5* 3.1*  -0.6  0.2
Ministry of Finance (September 2015) 2.6 3.4 2.0 2.9  1.6  1.3

* Harmonised consumer price index
Source: Ministry of Finance, European Commission, Bank of Estonia, IMF, OECD

 

More about Estonia's economy:

Bank of Estonia
Statistical Office of Estonia
Estonian Chamber of Commerce and Industry
Ministry of Finance
Ministry of Economic Affairs and Communications
Nasdaq Baltic
Enterprise Estonia
Estonian Investment Agency
Trade with Estonia (Estonian exporters database)
 

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