Estonia Economy - 2024

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

Real GDP growth rate

8.01% (2021 est.)
-0.55% (2020 est.)
3.74% (2019 est.)

Real GDP per capita

$38,700 (2021 est.)
$35,900 (2020 est.)
$36,200 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

704,700 (2021 est.)

Unemployment rate

6.33% (2021 est.)
6.8% (2020 est.)
4.45% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 17.1% (2021 est.)

male: 16.5%

female: 17.8%

Population below poverty line

21.7% (2018 est.)

Gini Index coefficient - distribution of family income

30.8 (2019 est.)

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)

Remittances

1.56% of GDP (2021 est.)
1.61% of GDP (2020 est.)
1.74% of GDP (2019 est.)

Budget

revenues: $12.282 billion (2019 est.)

expenditures: $12.269 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

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

Taxes and other revenues

20.69% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$709.328 million (2021 est.)
-$370.205 million (2020 est.)
$735.796 million (2019 est.)

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

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

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.)

Debt - external

$23.944 billion (2019 est.)
$23.607 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)