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Economy in Numbers

20.04.2015

(last updated: 15.04.2015)

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: 20% flat income tax, reinvested corporate profit is tax free; 20% VAT

International Credit Ratings

  • Moody's: A1, outlook stable (August 2014)
  • Standard & Poor’s: AA-/A-1+, outlook stable (December 2014)
  • Fitch: A+, outlook stable (November 2014)

Key Indicators

  2008 2009 2010 2011 2012 2013 2014
Population as of 1 January (million) 1.34 1.34 1.33 1.33 1.33 1.32 1.32
GDP at current prices (billion EUR) 16.5 14.1 14.7 16.4 17.6 18.7 19.5
Real growth of GDP (%) -5.3 -14.7 2.5 8.3 4.7 1.6 2.1
GDP per capita at current prices (EUR) 12 349 10 594 11 047 12 356 13 334 14 218 14 860
GDP per capita (PPS) (EU-27=100) 69 62 63 68 71 73 n.a
Annual FDI (million EUR) 1 249.1 1 324.1 772.9 700.5 1 221.4 416.4 740.9
FDI position, as of 31 December (million EUR) 11 101 10 996 11 442 12 311 14 193 15 194 15 895
FDI position per capita, as of 31 December (EUR) 8 284 8 206 8 603 9 256 10 671 11 511 12 042
Consumer price index compared to previous year (%) 10.4 -0.1 3.0 5.0 3.9 2.8 -0.1
Unemployment rate** (%) 5.5 13.8 16.9 12.5 10.2 8.6 7.4
Average monthly wage (EUR) 825 784 792 839 887 949 n.a
Current account balance (% of GDP) -8.7 2.5 1.8 1.4 -2.5 -1.4 -0.1
Deficit (-)/Surplus of general government (% of GDP) -3.0 -2.2 0.2 1.2 -0.2 -0.2 0.6
Export (billion EUR)*** 8 470 6 487 8 743 12 003 12 521 12 297 12 083
Import (billion EUR)*** 10 896 7 270 9 268 12 727 14 097 13 891 13 735
Trade balance (billion EUR)*** - 2 426 - 783 - 525 - 724 - 1 575 - 1 593 - 1 651
General government consolidated dept (% of GDP) 4.5 7.0 6.5 6.0 9.7 10.1 10.6

Sources: Population Register, Bank of Estonia, Ministry of Finance, Statistical Office of Estonia,

GDP by Main Fields of Economic Activity (as a % of total GDP)

Field of Activity 2008 2009 2010 2011 2012 2013 2014
Manufacturing 15.7 14.2 15.8 16.5 16.1 15.9 16.0
Wholesale and retail trade; repair of motor vehicles etc. 12.8 11.7 11.8 12.1 12.4 12.7 12.7
Real estate activities 9.7 10.6 9.8 9.7 9.8 10.2 10.5
Construction 9.6 7.1 5.9 7.0 7.5 7.5 7.1
Transport and storage 7.7 8.0 9.0 8.7 8.9 8.7 8.0
Public administration and defence; compulsory social security 6.6 8.0 7.5 6.9 6.7 6.8 7.0
Information and communication 4.9 5.5 5.3 5.0 4.9 5.0 4.9
Education 4.8 5.5 5.0 4.6 4.4 4.5 4.6
Administrative and support service activities 3.5 3.8 3.7 3.6 3.5 3.7 4.0
Professional, scientific and technical activities 4.9 5.3 5.3 5.0 5.1 4.7 5.0
Agriculture, forestry and fishing 2.7 2.4 3.2 3.9 4.1 3.6 3.7
Financial and insurance activities 5.4 4.4 4.1 4.0 3.7 3.3 3.5

Source: Statistical Office of Estonia

Main Trade Partners in 2014, as a % of total trade

Country Exports Country Imports
1. Sweden 18.0 1. Finland 15.3
2. Finland 15.3 2. Germany 11.5
3. Latvia 10.7 3. Sweden 10.7
4. Russia   9.8 4. Latvia   8.5
5. Lithuania   5.3 5. Lithuania   8.3
6. Germany   4.9 6. Poland   7.6
7. Norway   3.9 7. Russia   6.2
8. USA   3.7 8. Netherlands   3.5
9. Netherlands   2.7 9. China   3.5
10. Denmark   2.6 10. United Kingdom   3.2
Others 23.1 Others 21.5

Main Exports and Imports in 2014, as a % of total trade

Main Commodity Groups Exports Main Commodity Groups Imports
Machinery and appliances 29.1 Machinery and appliances 28.1
Mineral products 11.1 Mineral products 12.9
Agricultural products and food preparations 10.1 Agricultural products and food preparations 10.8
Wood and articles of wood   9.2 Transport equipment   8.6
Miscellaneous manufactured articles   7.5 Chemical products   8.1
Metals and products thereof   7.2 Metals and products thereof   8.0
Transport equipment   5.4 Articles of plastics and rubber   5.3
Chemical products   5.7 Textile products   4.6
Articles of plastics and rubber   3.2 Wood and articles of wood   2.9
Textiles and textile articles   3.1 Miscellaneous manufactured articles   2.3
Paper and articles of paper   2.7 Medical and measuring apparatus   2.2
Others   6.4 Others   6.2

Source: Statistical Office of Estonia

According to Statistics Estonia, in 2014 the exports of goods from Estonia at current prices totalled 12.1 billion euros and imports 13.7 billion euros. In 2014 exports of goods decreased by 2% and imports by 1% compared to 2013.

In 2014 78% of Estonia’s total trade was with EU member countries. Estonia’s main trade partners are  Finland, Sweden, Latvia and Germany. In 2014 the value of goods exported from Estonia to the EU28 countries was 8.7 billion euros, accounting for 72% of Estonia’s total exports.

Imports from the EU28 countries to Estonia totalled 11.4 billion euros with the share of 83% of Estonia’s total imports in 2014.

Direct Investment Position in Estonia by Countries

as of 31 December 2014

Country Million EUR % of total
EU28 12 724.7 80.1
Euro-zone18 7 207.2 45.3
CIS 1 000.7 6.3
1. Sweden 4 190.0 26.4
2. Finland 3 470.2 21.8
3. Netherlands 1 654.6 10.4
4. Norway 880.4 5.5
5. Russia 876.7 5.5
6. Cyprus 544.2 3.4
7. Denmark 508.2 3.2
8. Lithuania 425.3 2.7
9. Latvia 423.2 2.7
10. USA 343.7 2.2
Others 2 578.2 16.2
Total 15 894.7 100.0

Source: Bank of Estonia

Estonia's Direct Investment Position abroad by Countries

as of 31 December 2014

Country million EUR % of total
EU28 4 353.7 83.7
Euro-zone18 3 033.5 58.3
CIS 634.2 14.6
1. Cyprus 1 370.6 26.3
2. Lithuania 1 028.1 20.8
3. Latvia 931.7 17.9
4. Finland 281.1 5.4
5. Ukriane 279.6 5.4
6. Russia 214.0 4.1
7. Netherlands 110.9 2.1
8. USA 104.7 2.0
9. Italy 103.0 2.0
10. Belarus 94.3 1.8
Others 631.6 12.1
Total 5 204.6 100.0

Source: Bank of Estonia

Telecommunications and IT

  • 84% of population aged 16 to 74 are Internet users (2014, Statistics Estonia).
  • 83% of households have access to the Internet at home (2014, 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 2014, the percentage of electronic tax declarations was 95.4.
  • 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 2014 - 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 21st out of 148 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 2014-2019

Main economic indicators 2014 2015* 2016* 2017* 2018* 2019*
GDP real growth (%) 2.1 2.0 2.8 3.4 3.2 3.0
GDP (in nominal terms, billion EUR) 19.5 17.6 18.1 18.7 19.3 19.9
GDP deflator (%) 2.1 2.0 2.6 2.9 3.0 2.7
Consumer price index (%) -0.1 0.2 2.2 2.7 2.9 2.6
Employment (15–74 years old, thousands) 624.8 628.8 626.9 624.0 620.9 617.2
Employment growth (%) 0.6 0.6 -0.3 -0.5 -0.5 -0.6
Unemployment rate (ILO) 7.4 6.1 5.8 5.5 5.5 5.5
Average wage (EUR) 1 001 1 049 1 104 1 170 1 246 1 326
Wage real growth (%) 5.7 4.6 3.0 3.2 3.5 3.7
Current account (% of GDP) -0.1 -0.8 1.0 -0.8 -1.0 -1.4
Deficit(-)/Surplus of state budget (% of GDP) 0.6 -0.5 -0.6 -0.5 0.1 0.8
General governement consolidated debt (% of GDP) 10.6 10.3 9.9 9.6 8.9 8.4

* Forecast;
Source: Ministry of Finance, April 2015

A Comparison of Economic Forecasts from Various Institutions 2015-2016

  Economic growth, % Consumer price index, % Current account,
% of GDP
  2015 2016 2015 2016 2015 2016
IMF 2.5 3.4 0.4 1.7  -0.4 -0.7
OECD 2.4 3.4 0.9* 1.7*  0.0 -0.2
European Commission 2.3 2.9 0.4 1.6  1.7 -2.1
Bank of Estonia 2.1 3.3 1.1* 2.4*  -0.7 -1.1
Ministry of Finance 2.0 2.8 0.8* 2.6*  -0.8 -1.0

* 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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