Estonia Economy - 2023


SOURCE: 2023 CIA WORLD FACTBOOK

Economic overview

advanced service-based EU and OECD economy; regional trade and telecommunications leader; recently rejected Baltic sea rail tunnel from Tallinn to Helsinki; flat income taxation; substantial welfare system; balanced budget culture; business-friendly climate

Real GDP (purchasing power parity)

$51.531 billion (2021 est.)

$47.708 billion (2020 est.)

$47.972 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

8.01% (2021 est.)

-0.55% (2020 est.)

3.74% (2019 est.)

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Real GDP per capita

$38,700 (2021 est.)

$35,900 (2020 est.)

$36,200 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$31.461 billion (2019 est.)

Inflation rate (consumer prices)

4.65% (2021 est.)

-0.44% (2020 est.)

2.28% (2019 est.)

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Credit ratings

Fitch rating: AA- (2018)

Moody's rating: A1 (2002)

Standard & Poors rating: AA- (2011)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.8% (2017 est.)

industry: 29.2% (2017 est.)

services: 68.1% (2017 est.)

GDP - composition, by end use

household consumption: 50.3% (2017 est.)

government consumption: 20.4% (2017 est.)

investment in fixed capital: 24% (2017 est.)

investment in inventories: 2.2% (2017 est.)

exports of goods and services: 77.2% (2017 est.)

imports of goods and services: -74% (2017 est.)

Agricultural products

wheat, milk, barley, rapeseeds, rye, oats, peas, potatoes, pork, triticale

Industries

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

Industrial production growth rate

7.13% (2021 est.)

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Labor force

704,700 (2021 est.)

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Labor force - by occupation

agriculture: 2.7%

industry: 20.5%

services: 76.8% (2017 est.)

Unemployment rate

6.33% (2021 est.)

6.8% (2020 est.)

4.45% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 17.1%

male: 16.5%

female: 17.8% (2021 est.)

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Population below poverty line

21.7% (2018 est.)

Gini Index coefficient - distribution of family income

30.8 (2019 est.)

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Average household expenditures

on food: 20.3% of household expenditures (2018 est.)

on alcohol and tobacco: 7.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%

highest 10%: 25.6% (2015)

Budget

revenues: $12.282 billion (2019 est.)

expenditures: $12.269 billion (2019 est.)

Budget surplus (+) or deficit (-)

-0.3% (of GDP) (2017 est.)

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Public debt

23.77% of GDP (2020 est.)

14.05% of GDP (2019 est.)

13.46% of GDP (2018 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

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Taxes and other revenues

20.69% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

-$709.328 million (2021 est.)

-$370.205 million (2020 est.)

$735.796 million (2019 est.)

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Exports

$29.056 billion (2021 est.) note: data are in current year dollars

$21.769 billion (2020 est.) note: data are in current year dollars

$22.962 billion (2019 est.) note: data are in current year dollars

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Exports - partners

Finland 12%, United States 9%, Latvia 9%, Sweden 8%, Russia 6% (2021)

Exports - commodities

broadcasting equipment, coal tar oil, refined petroleum, cars, prefabricated buildings, lumber (2021)

Imports

$29.234 billion (2021 est.) note: data are in current year dollars

$21.813 billion (2020 est.) note: data are in current year dollars

$21.712 billion (2019 est.) note: data are in current year dollars

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Imports - partners

Russia 15%, Finland 10%, Germany 10%, Latvia 7%, Lithuania 6% (2021)

Imports - commodities

refined petroleum, cars, coal tar oil, electricity, lumber, broadcasting equipment (2021)

Reserves of foreign exchange and gold

$2.371 billion (31 December 2021 est.)

$1.997 billion (31 December 2020 est.)

$1.426 billion (31 December 2019 est.)

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Debt - external

$23.944 billion (2019 est.)

$23.607 billion (2018 est.)

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Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Estonia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Estonia 2023 information contained here. All suggestions for corrections of any errors about Estonia 2023 should be addressed to the CIA or the source cited on each page.

This page was last modified 22 Aug 23, Copyright © 2023 ITA all rights reserved.