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Economy in Numbers

(last updated: 16.06.2017)

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 2016)
  • Standard & Poor’s: AA-/A-1+, outlook stable (June 2017)
  • Fitch: A+, outlook stable (November 2016)

Key Indicators

  2010 2011 2012 2013 2014 2015 2016
Population as of 1 January (million) 1.33 1.33 1.32 1.32 1.31 1.31 1.32
GDP at current prices (billion EUR) 14.7 16.7 17.9 18.9 19.7 20.2 20.9
Real growth of GDP (%) 1.7 7.6 4.3 1.6 2.7 1.5 1.7
GDP per capita at current prices (EUR) 11 053 12 556 13 559 14 332 15 030 15 405 15 883
GDP per capita (PPS) (EU-27=100) 65 71 74 75 76 75 n.a
FDI position, as of 31 December (million EUR) 11 638 12 636 14 352 16 009 17 041 17 462 18 208
FDI position per capita, as of 31 December (EUR) 8 750 9 501 10 791 12 128 12 813 13 330 13 794
Consumer price index compared to previous year (%) 3.0 5.0 3.9 2.8 -0.1 -0.5 0.1
Unemployment rate** (%) 16.7 12.3 10.0 8.6 7.4 6.2 6.8
Average monthly wage (EUR) 792 839 887 949 1 005 1 065 1 146
Current account balance (% of GDP) 1.8 1.3 -1.9 -0.4 0.9 2.2 2.7
Deficit (-)/Surplus of general government (% of GDP) 0.2 1.1 -0.2 -0.5 0.8 0.1 0.3
Export (billion EUR) 8 743 12 003 12 521 12 288 12 006 11 635 11 984
Import (billion EUR) 9 268 12 727 14 097 13 903 13 788 13 167 13 572
Trade balance (billion EUR) - 525 - 724 - 1 576 - 1 615 - 1 782 - 1 532 - 1 587
General government consolidated dept (% of GDP) 6.7  6.1 9.9 10.1 10.4 10.1 9.5

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 2011 2012 2013 2014 2015 2016
Manufacturing 16.6 15.9 15.5 16.2 15.8 15.8
Wholesale and retail trade; repair of motor vehicles etc. 12.1 12.5 12.2 12.0 11.9 12.2
Real estate activities 9.7 9.8 9.8  9.8 10.1   9.9
Transport and storage 8.8 8.9 8.9 8.4 7.8   7.6
Public andministration and defence; compulsory social security 6.8 6.6 6.7 6.9 7.3   7.4
Information and communication 5.0 5.1 5.4 5.6 6.0   6.3
Construction 6.9 7.3 6.9 6.4 6.2   6.0
Professional, scientific and technical activities 5.0 4.9 4.9 5.0 5.3   5.2
Education 4.5 4.4 4.5 4.6 4.7   4.8
Human health and social work activities 3.4 3.4 3.5 3.7 4.0   4.2
Administrative and supoort service activities 3.8 4.0 4.1 3.6 3.8   4.1
Financial and insurance activities 3.9 3.9 3.6 3.9 4.0   4.0
Agriculture, forestry and fishing 3.9 3.7 3.5 3.6 3.4   2.9

Source: Statistical Office of Estonia

Main Trade Partners in 2016, as a % of total trade

Country Exports Country Imports
1. Sweden 17.9 1. Finland 13.0
2. Finland 16.0 2. Germany 11.0
3. Latvia   9.2 3. Lithuania   9.5
4. Russia   6.5 4. Latvia   8.4
5. Lithuania   6.0 5. Sweden   8.3
6. Germany   5.9 6. Poland   7.2
7. Norway   4.1 7. Netherlands   6.3
8. Denmark   3.2 8. Russia   5.5
9. Netherlands   2.8 9. China   4.1
10. USA   2.7 10. Italy   2.6
Others 25.8 Others 24.0

Main Exports and Imports in 2016, as a % of total trade

Main Commodity Groups Exports Main Commodity Groups Imports
Machinery and appliances 29.4 Machinery and appliances 28.0
Wood and articles of wood 10.2 Transport equipment 10.7
Agricultural products and food preparations   9.1 Agricultural products and food preparations 10.6
Miscellaneous manufactured articles   9.0 Mineral products   8.8
Mineral products   7.8 Chemical products   8.3
Metals and products thereof   7.1 Metals and products thereof   8.2
Transport equipment   6.2 Articles of plastics and rubber   5.4
Chemical products   4.8 Textile products   4.8
Foto, medical and measuring apparatus   3.4 Wood and articles of wood   3.1
Articles of plastics and rubber   3.3 Miscellaneous manufactured articles   2.7
Textile products   3.2 Medical and measuring apparatus   2.3
Others   6.2 Others   7.1

Source: Statistical Office of Estonia

According to Statistics Estonia, in 2016 the exports of goods from Estonia at current prices totalled 12.0 billion euros and imports 13.6 billion euros. In 2016 exports and imports of goods increased by 3% each compared to 2015.

In 2016 78% of Estonia’s total trade was with EU member countries. Estonia’s main trade partners are Finland, Sweden, Latvia and Germany. In 2016 the value of goods exported from Estonia to the EU28 countries was 8.8 billion euros, accounting for 74% of Estonia’s total exports.

Imports from the EU28 countries to Estonia totalled 11.1 billion euros with the share of 82% of Estonia’s total imports in 2016.

Direct Investment Position in Estonia by Countries

as of 31 December 2016

Country Million EUR % of total
EU28 15 340.8 83.5
Euro-zone19  9 754.9 53.1
CIS    932.9  5.1
1. Sweden   4 655.5   25.3
2. Finland   4 220.4   23.0
3. Netherlands   1 699.4    9.2
4. Lithuania      712.4    3.9
5. Russia      686.1    3.7
6. Cyprus      629.5    3.4
7. Latvia      616.5    3.4
8. Luxembourg      546.4    3.0
9. Denmark      481.6    2.6
10. Norway      460.8    2.5
Others   3 665.0   20.0
Total 18 373.6 100.0

Source: Bank of Estonia

Estonia's Direct Investment Position abroad by Countries

as of 31 December 2016

Country million EUR % of total
EU28 5 304.4 85.0
Euro-zone19 4 873.5 78.1
CIS    641.8 10.3
1. Cyprus 1 329.4 21.3
2. Lithuania 1 276.9 20.5
3. Latvia 1 177.9 18.9
4. Finland    430.9   6.9
5. Russia    269.4   4.3
6. Ukraine    247.2   4.0
7. Netherlands    221.1   3.6
8. Poland    119.0   1.9
9. Italy    106.3   1.7
10. Sweden      99.2   1.6
Others    961.0 15.3
Total 6 238.3 100.0

Source: Bank of Estonia

Telecommunications and IT

  • 87% of population aged 16 to 74 are Internet users (2016, Statistics Estonia).
  • 86% of households have access to the Internet at home (2016, Statistics Estonia).
  • 94% of Estonian residents are using ID-card.
  • 99% of medical prescriptions are issued electronically.
  • 31% of votes were cast over the Internet during Estonian Parliament Elections in 2015.
  • All Estonian schools and government organizations are connected to the Internet.
  • All Estonian towns and villages are covered by the network of public Internet access points.
  • There are more than 1000 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 2015, the percentage of electronic tax declarations was 98.
  • All of Estonia is covered with digital mobile phone networks

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 2016 - 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 (%) 1.7 2.4 3.1 2.8
GDP (in nominal terms, billion EUR) 20.9 22.1 23.5 24.8
GDP deflator (%) 1.7 3.2 3.0 2.8
Consumer price index (%) 0.1 3.3 2.7 2.5
Employment (15–74 years old, thousands) 644.6 647.5 649.0 649.5
Employment growth (%) 0.6 0.5 0.2 0.1
Unemployment rate (ILO) 6.8 7.8 8.9 9.5
Average wage (EUR) 1 146 1 211 1 272 1 340
Wage real growth (%) 7.2 2.5 2.3 2.9
Current account (% of GDP) 2.7 1.8 1.9 1.6
Deficit(-)/Surplus of state budget (% of GDP) 0.3 -0.4 -1.7 -1.1
General governement consolidated debt (% of GDP) 9.5 10.3 11.2 10.6

* Forecast;
Source: Ministry of Finance, April 2017

A Comparison of Economic Forecasts from Various Institutions 2017-2018

  Economic growth, % Consumer price index, % Current account,
% of GDP
  2017 2018 2017 2018 2017 2018
IMF (April 2017) 2.5 2.8 2.5 2.8  1.4  0.9
OECD (June 2017) 2.6 3.1 3.2* 2.8*  1.8  1.3
European Commission (May 2017) 2.3 2.8 3.3* 2.9* 1.1  1.2
Bank of Estonia (June 2017) 3.5 3.3 3.2 2.4  3.0  1.7
Ministry of Finance (April 2017) 2.4 3.1 3.3 2.7  1.3  1.9

* 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)
 

Last updated: 16 June 2017

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