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Economy in Numbers

11.04.2014

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  
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  

* 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 2012, the percentage of electronic tax declarations was 95.
  • 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 2013 - 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 144 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 2.4 4.0 3.2* 3.3* - 2.5 - 1.8
European Commission 2.3 3.6 1.8* 2.8* - 2.4 - 2.3
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

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