Economy in Numbers
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: 21% flat income tax, reinvested corporate profit is tax free; 20% VAT
International Credit Ratings
- Moody's: A1, outlook stable
- Standard & Poor's: AA-, outlook stable
- Fitch: A+, outlook stable
Key Indicators
| Key Indicators | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
|---|---|---|---|---|---|---|---|
| Population as of 1 January (million) | 1.34 | 1.34 | 1.34 | 1.33 | 1.33 | 1.32 | 1.32 |
| GDP at current prices (billion EUR) | 16.1 | 16.2 | 14.0 | 14.4 | 16.2 | 17.4 | 18.4 |
| Real growth of GDP (%) | 7.5 | -4.2 | -14.1 | 2.6 | 9.6 | 3.9 | 0.8 |
| GDP per capita at current prices (EUR) | 11 977 | 12 110 | 10 423 | 10 723 | 12 102 | 13 006 | 13 784 |
| GDP per capita (PPS) (EU-27=100) | 70 | 69 | 63 | 63 | 67 | 69 | |
| Annual FDI (million EUR) | 1 985.0 | 1 181.8 | 1 324.5 | 1 206.8 | 244.9 | 1 180.5 | 715.4 |
| FDI stock, as of 31 December (million EUR) | 11 386 | 11 775 | 11 670 | 12 495 | 13 109 | 14 667 | 15 554 |
| FDI stock per capita, as of 31 December (EUR) | 8 497 | 8 787 | 8 709 | 9 395 | 9 856 | 11 027 | 11 783 |
| Consumer price index compared to previous year (%) | 6.6 | 10.4 | -0.1 | 3.0 | 5.0 | 3.9 | 2.8 |
| Unemployment rate** (%) | 4.7 | 5.5 | 13.8 | 16.9 | 12.5 | 10.2 | 8.6 |
| Average monthly wage (EUR) | 725 | 825 | 784 | 792 | 839 | 887 | |
| Current account balance (% of GDP) | -15.9 | -9.2 | 2.8 | 2.9 | 1.8 | -1.8 | -1.0 |
| Deficit (-)/Surplus of state budget (% of GDP) | 2.4 | -2.9 | -2.0 | 0.3 | 1.1 | -0.2 | -0.2 |
| Export (billion EUR)*** | 8 033 | 8 470 | 6 487 | 8 743 | 12 014 | 12 550 | 12 275 |
| Import (billion EUR)*** | 11 439 | 10 896 | 7 270 | 9 268 | 12 721 | 13 762 | 13 649 |
| Trade balance (billion EUR)*** | - 3 406 | - 2 426 | - 783 | - 525 | - 707 | - 1 212 | - 1 374 |
| General government consolidated dept (% of GDP) | 3.7 | 4.5 | 7.1 | 6.7 | 6.1 | 9.9 | 10.0 |
* Based on the 2012 Population Census
** Unemployed/labour force according to ILO methodology;
*** Trade figures shown in special trade system
(e) Estimated value
Sources: Population Register, Bank of Estonia, Ministry of Finance, Statistical Office of Estonia, Eurostat
GDP by Main Fields of Economic Activity (as a % of total GDP)
| Field of Activity | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
|---|---|---|---|---|---|---|---|
| Manufacturing | 16.0 | 15.7 | 14.2 | 15.9 | 16.4 | 15.4 | 15.4 |
| Wholesale and retail trade; repair of motor vehicles etc. | 13.9 | 13.0 | 11.8 | 11.9 | 12.2 | 12.3 | 12.7 |
| Real estate activities | 10.3 | 10.4 | 11.2 | 10.4 | 11.4 | 11.9 | 12.4 |
| Construction | 10.7 | 9.8 | 7.2 | 5.9 | 6.9 | 7.8 | 7.5 |
| Transport and storage | 7.9 | 7.8 | 8.1 | 8.5 | 8.2 | 8.2 | 7.2 |
| Public administration and defence; compulsory social security | 5.5 | 6.4 | 7.7 | 7.3 | 6.7 | 6.6 | 6.6 |
| Information and communication | 4.4 | 4.8 | 5.3 | 4.9 | 4.7 | 4.7 | 4.8 |
| Education | 4.2 | 4.8 | 5.5 | 5.0 | 4.6 | 4.4 | 4.5 |
| Administrative and support service activities | 3.5 | 3.7 | 3.9 | 4.1 | 3.7 | 3.9 | 4.1 |
| Professional, scientific and technical activities | 4.4 | 4.7 | 5.0 | 4.9 | 4.4 | 4.4 | 3.9 |
| Agriculture, forestry and fishing | 3.5 | 2.8 | 2.5 | 3.3 | 4.0 | 4.1 | 3.9 |
| Electricity, gas, steam and air conditioning supply | 2.5 | 2.5 | 3.5 | 4.0 | 3.5 | 3.5 | 3.7 |
Source: Statistical Office of Estonia
Main Trade Partners in 2013, as a % of total trade
| Country | Exports | Country | Imports |
|---|---|---|---|
| 1. Sweden | 16.8 | 1. Finland | 15.1 |
| 2. Finland | 16.1 | 2. Germany | 10.5 |
| 3. Russia | 11.4 | 3. Sweden | 10.1 |
| 4. Latvia | 10.4 | 4. Latvia | 9.6 |
| 5. Lithuania | 5.9 | 5. Lithuania | 8.9 |
| 6. Germany | 4.5 | 6. Poland | 8.0 |
| 7. Norway | 3.7 | 7. Russia | 5.8 |
| 8. USA | 2.9 | 8. United Kingdom | 4.2 |
| 9. United Kingdom | 2.4 | 9. China | 3.4 |
| 10. Denmark | 2.3 | 10. Netherlands | 3.3 |
| Others | 23.7 | Others | 21.3 |
Main Exports and Imports in 2013, as a % of total trade
| Main Commodity Groups | Exports | Main Commodity Groups | Imports |
|---|---|---|---|
| Machinery and appliances | 28.1 | Machinery and appliances | 27.8 |
| Mineral products | 10.5 | Mineral products | 12.7 |
| Agricultural products and food preparations | 10.1 | Agricultural products and food preparations | 11.0 |
| Wood and articles of wood | 8.8 | Transport equipment | 10.5 |
| Metals and products of thereof | 7.2 | Chemical products | 7.8 |
| Miscellaneous manufactured articles | 7.1 | Metals and products thereof | 7.5 |
| Transport equipment | 6.6 | Articles of plastics and rubber | 5.1 |
| Chemical products | 5.7 | Textile products | 4.3 |
| Textile products | 3.5 | Wood and articles of wood | 2.7 |
| Articles of plastics and rubber | 3.2 | Miscellaneous manufactured articles | 2.3 |
| Paper and articles of paper | 2.5 | Medical and measuring apparatus | 1.9 |
| Others | 6.8 | Others | 6.0 |
Source: Statistical Office of Estonia
Direct Investment Position in Estonia by Countries
as of 31 December 2013
| Country | Million EUR | % of total |
|---|---|---|
| EU28 | 12 403.6 | 79.7 |
| Euro-zone17 | 6 689.7 | 43.0 |
| CIS | 938.5 | 6.0 |
| 1. Sweden | 4 146.2 | 26.7 |
| 2. Finland | 3 305.6 | 23.3 |
| 3. Netherlands | 1 579.1 | 10.2 |
| 4. Norway | 900.2 | 5.8 |
| 5. Russia | 883.0 | 5.4 |
| 6. Lithuania | 471.5 | 3.0 |
| 7. Cyprus | 460.1 | 3.0 |
| 8. United Kingdom | 387.5 | 2.5 |
| 9. Denmark | 351.2 | 2.3 |
| 10. USA | 326.9 | 2.1 |
| Others | 2 793.0 | 15.7 |
| Total | 15 544.3 | 100.0 |
Source: Bank of Estonia
Estonia's Direct Investment Position abroad by Countries
as of 31 December 2013
| Country | million EUR | % of total |
|---|---|---|
| EU28 | 4 019.2 | 83.0 |
| Euro-zone17 | 1 997.6 | 41.4 |
| CIS | 627.9 | 13.0 |
| 1. Cyprus | 1 368.8 | 28.4 |
| 2. Lithuania | 1 020.2 | 21.2 |
| 3. Latvia | 813.1 | 16.9 |
| 4. Ukraine | 263.7 | 5.5 |
| 5. Russia | 223.9 | 4.6 |
| 6. Finland | 198.0 | 4.1 |
| 7. Netherlands | 152.6 | 3.2 |
| 8. Belarus | 96.8 | 2.0 |
| 9. Italy | 89.9 | 1.9 |
| 10. USA | 76.7 | 1.6 |
| Others | 518.3 | 10.6 |
| Total | 4 822.0 | 100.0 |
Source: Bank of Estonia
Telecommunications and IT
- 80% of population aged 16 to 74 are Internet users (2013, Statistics Estonia).
- 80% of households have access to the Internet at home (2013, 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 2013, 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 2014 - 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 21st out of 148 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 2013-2018
| Main economic indicators | 2013 | 2014* | 2015* | 2016* | 2017* | 2018* |
|---|---|---|---|---|---|---|
| GDP real growth (%) | 0.8 | 2.0 | 3.5 | 3.6 | 3.4 | 3.2 |
| GDP (in nominal terms, billion EUR) | 18.4 | 19.3 | 20.7 | 22.1 | 23.5 | 24.9 |
| GDP deflator (%) | 5.0 | 2.8 | 3.2 | 3.0 | 2.8 | 2.7 |
| Consumer price index (%) | 2.8 | 1.4 | 2.7 | 2.8 | 2.8 | 2.8 |
| Employment (15–74 years old, thousands) | 621.4 | 622.5 | 624.5 | 624.0 | 622.0 | 619.0 |
| Employment growth (%) | 1.0 | 0.2 | 0.3 | -0.1 | -0.3 | -0.5 |
| Unemployment rate (ILO) | 8.6 | 7.9 | 6.9 | 6.4 | 6.0 | 6.0 |
| Average wage (EUR) | 948 | 1 007 | 1 071 | 1 139 | 1 213 | 1 293 |
| Wage real growth (%) | 7.8 | 6.2 | 6.3 | 6.4 | 6.5 | 6.6 |
| Current account (% of GDP) | -1.0 | -1.6 | -1.7 | -1.9 | -2.1 | -2.2 |
| Deficit(-)/Surplus of state budget (% of GDP) | -0.2 | -0.7 | -0.8 | -0.7 | -0.1 | 0.9 |
| General governement consolidated debt (% of GDP) | 10.0 | 9.8 | 9.3 | 9.4 | 9.1 | 8.5 |
* Forecast;
Source: Ministry of Finance, April 2014
A Comparison of Economic Forecasts from Various Institutions 2014-2015
| Economic growth, % | Consumer price index, % | Current account, % of GDP | ||||
|---|---|---|---|---|---|---|
| 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | |
| IMF | 2.4 | 3.2 | 3.2 | 2.8 | - 1.3 | -1.5 |
| OECD | 1.2 | 3.1 | 0.7* | 1.7* | - 0.2 | - 0.1 |
| European Commission | 1.9 | 3.0 | 1.5* | 3.0* | - 2.7 | - 2.8 |
| Bank of Estonia | 2.6 | 3.9 | 2.3* | 3.0* | - 1.9 | - 1.5 |
| Ministry of Finance | 2.0 | 3.5 | 1.7* | 2.9* | - 1.6 | -1.7 |
* 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
Tallinn Stock Exchange
Enterprise Estonia
Estonian Investment and Trade Agency
Trade with Estonia (Estonian exporters database)
ICC-Estonia
Estonian Development Fund
Estonian Business Association
Transformations in the Estonian economy