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Estonia Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Estonia Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Estonia, a member of the EU since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia's successive governments have pursued a free market, pro-business economic agenda, and sound fiscal policies that have resulted in balanced budgets and the lowest debt-to-GDP ratio in the EU.

The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia. The economy’s 4.9% GDP growth in 2017 was the fastest in the past six years, leaving the Estonian economy in its best position since the financial crisis 10 years ago. For the first time in many years, labor productivity increased faster than labor costs in 2017. Inflation also rose in 2017 to 3.5% alongside increased global prices for food and energy, which make up a large share of Estonia’s consumption.

Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers, and wage growth that outpaces productivity gains. The government is also pursuing efforts to boost productivity growth with a focus on innovations that emphasize technology start-ups and e-commerce.

GDP (purchasing power parity):
$41.65 billion (2017 est.)
$39.72 billion (2016 est.)
$38.92 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 115
[see also: GDP country ranks ]

GDP (official exchange rate):
$25.97 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.9% (2017 est.)
2.1% (2016 est.)
1.7% (2015 est.)
country comparison to the world: 52
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,700 (2017 est.)
$30,200 (2016 est.)
$29,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 64
[see also: GDP - per capita country ranks ]

Gross national saving:
27% of GDP (2017 est.)
24.6% of GDP (2016 est.)
25.8% of GDP (2015 est.)
country comparison to the world: 44
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.3% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 77.2% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -74% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.8% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, potatoes, vegetables; livestock and dairy products; fish

Industries:
food, engineering, electronics, wood and wood products, textiles; information technology, telecommunications

Industrial production growth rate:
9.5% (2017 est.)
country comparison to the world: 17
[see also: Industrial production growth rate country ranks ]

Labor force:
670,200 (2017 est.)
country comparison to the world: 152
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 76.8% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.8% (2017 est.)
6.8% (2016 est.)
country comparison to the world: 88
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.1% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.6% (2015)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
34.8 (2015)
35.6 (2014)
country comparison to the world: 100
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 10.37 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 10.44 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.9% (of GDP) (2017 est.)
country comparison to the world: 41
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.3% (of GDP) (2017 est.)
country comparison to the world: 52
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
9% of GDP (2017 est.)
9.4% of GDP (2016 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities, including sub-sectors of central government, state government, local government, and social security funds
country comparison to the world: 199
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.7% (2017 est.)
0.8% (2016 est.)
country comparison to the world: 145
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (31 December 2017 est.)
0% (31 December 2016 est.)
country comparison to the world: 152
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.2% (31 December 2017 est.)
4.23% (31 December 2016 est.)
country comparison to the world: 163
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$14.78 billion (31 December 2017 est.)
$11.8 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 73
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.78 billion (31 December 2017 est.)
$11.8 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$24.25 billion (31 December 2017 est.)
$20.97 billion (31 December 2016 est.)
country comparison to the world: 88
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.102 billion (31 December 2017 est.)
$2.407 billion (31 December 2016 est.)
$2.045 billion (31 December 2015 est.)
country comparison to the world: 92
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$809 million (2017 est.)
$443 million (2016 est.)
country comparison to the world: 54
[see also: Current account balance country ranks ]

Exports:
$13.44 billion (2017 est.)
$12.36 billion (2016 est.)
country comparison to the world: 81
[see also: Exports country ranks ]

Exports - partners:
Finland 16.2%, Sweden 13.5%, Latvia 9.2%, Russia 7.3%, Germany 6.9%, Lithuania 5.9% (2017)

Exports - commodities:
machinery and electrical equipment 30%, food products and beverages 9%, mineral fuels 6%, wood and wood products 14%, articles of base metals 7%, furniture and bedding 11%, vehicles and parts 3%, chemicals 4% (2016 est.)

Imports:
$14.42 billion (2017 est.)
$13.23 billion (2016 est.)
country comparison to the world: 91
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment 28%, mineral fuels 11%, food and food products 10%, vehicles 9%, chemical products 8%, metals 8% (2015 est.)

Imports - partners:
Finland 14%, Germany 10.7%, Lithuania 8.9%, Sweden 8.5%, Latvia 8.2%, Poland 7.2%, Russia 6.7%, Netherlands 5.9%, China 4.7% (2017)

Reserves of foreign exchange and gold:
$345 million (31 December 2017 est.)
$352.2 million (31 December 2016 est.)
country comparison to the world: 164
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$19.05 billion (31 December 2016 est.)
$18.3 billion (31 December 2015 est.)
country comparison to the world: 93
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$27.05 billion (31 December 2017 est.)
$22.19 billion (31 December 2016 est.)
country comparison to the world: 73
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$10.96 billion (31 December 2017 est.)
$9.396 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.92 (2017 est.)
0.9 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)


NOTE: 1) The information regarding Estonia on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Estonia Economy 2019 information contained here. All suggestions for corrections of any errors about Estonia Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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