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.
5% (2019 est.)
4.36% (2018 est.)
5.51% (2017 est.)
2.2% (2019 est.)
3.4% (2018 est.)
3.4% (2017 est.)
Fitch rating: AA- (2018)
Moody's rating: A1 (2002)
Standard & Poors rating: AA- (2011)
$48.987 billion (2019 est.)
$46.655 billion (2018 est.)
$44.708 billion (2017 est.)
note: data are in 2010 dollars
$31.461 billion (2019 est.)
$36,927 (2019 est.)
$35,293 (2018 est.)
$33,937 (2017 est.)
note: data are in 2010 dollars
29.1% of GDP (2019 est.)
28.4% of GDP (2018 est.)
28.2% of GDP (2017 est.)
agriculture: 2.8% (2017 est.)
industry: 29.2% (2017 est.)
services: 68.1% (2017 est.)
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.)
Overall score: 80.6 (2020)
Starting a Business score: 95.4 (2020)
Trading score: 99.9 (2020)
Enforcement score: 76.1 (2020)
wheat, milk, barley, rapeseed, rye, oats, peas, potatoes, pork, triticale
food, engineering, electronics, wood and wood products, textiles; information technology, telecommunications
9.5% (2017 est.)
648,000 (2020 est.)
agriculture: 2.7%
industry: 20.5%
services: 76.8% (2017 est.)
4.94% (2019 est.)
4.73% (2018 est.)
21.7% (2018 est.)
30.4 (2017 est.)
35.6 (2014)
lowest 10%: 2.3%
highest 10%: 25.6% (2015)
revenues: 10.37 billion (2017 est.)
expenditures: 10.44 billion (2017 est.)
39.9% (of GDP) (2017 est.)
-0.3% (of GDP) (2017 est.)
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
calendar year
$616 million (2019 est.)
$280 million (2018 est.)
$23.95 billion (2019 est.)
$22.546 billion (2018 est.)
$21.677 billion (2017 est.)
Finland 13%, Sweden 9%, Latvia 8%, Russia 8%, United States 7%, Lithuania 6%, Germany 6% (2019)
broadcasting equipment, refined petroleum, coal tar oil, cars, prefabricated buildings (2019)
$23.323 billion (2019 est.)
$22.485 billion (2018 est.)
$21.273 billion (2017 est.)
Russia 12%, Germany 10%, Finland 9%, Lithuania 7%, Latvia 7%, Sweden 6%, Poland 6%, China 6% (2019)
cars, refined petroleum, coal tar oil, broadcasting equipment, packaged medicines (2019)
$345 million (31 December 2017 est.)
$352.2 million (31 December 2016 est.)
$23.944 billion (2019 est.)
$23.607 billion (2018 est.)
euros (EUR) per US dollar -
0.82771 (2020 est.)
0.90338 (2019 est.)
0.87789 (2018 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
NOTE: The information regarding Estonia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Estonia 2021 information contained here. All suggestions for corrections of any errors about Estonia 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.