About Estonia » Economy & IT » Economy in Numbers

Economy in Numbers

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20.04.2016

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
  • Standard & Poor’s: AA-/A-1+, outlook stable
  • Fitch: A+, outlook stable

 

Key Indicators

2009

2010

2011

2012

2013

2014

2015

Population as of 1January (million)

1.34

1.33

1.33

1.33

1.32

1.32

1.31

GDP at current prices (billion EUR)

14.2

14.7

16.6

18.0

19.0

20.0

20.5

Real growth of GDP (%)

-14.3

1.8

7.5

5.1

1.7

2.9

1.1

GDP per capita at current prices (EUR)

10 600

11 054

12 556

13 613

14 427

15 186

15 589

GDP per capita (PPS) (EU-28=100)

62

63

68

71

73

73

n.a

FDI position, as of 31 December (million EUR)

10 996

11 638

12 634

14 352

15 374

16 236

17 373

FDI position per capita, as of 31 December (EUR)

8 206

8 750

9 499

10 791

11 647

12 300

13 262

Consumer price index compared to previous year (%)

- 0.1

3.0

5.0

3.9

2.8

-0.1

-0.5

Unemployment rate* (%)

13.5

16.7

12.3

10.0

8.6

7.4

6.2

Average monthly wage (EUR)

784

792

839

887

949

1005

1065

Current account balance (% of GDP)

2.9

1.8

1.3

-2.4

-0.1

1.0

1.9

Deficit (-)/Surplus of general government (% of GDP)

-2.2

0.2

1.2

-0.2

-0.2

0.6

0.4

Export (billion EUR)***

6 487

8 743

12 003

12 521

12 288

12 083

11 629

Import (billion EUR)***

7 270

9 268

12 727

14 097

13 903

13 735

13 073

Trade balance (billion EUR)***

- 783

- 525

- 724

- 1 576

- 1 615

- 1 652

- 1 444

General government consolidated dept (% of GDP)

7.0

6.6

5.9

9.5

9.9

10.4

9.7

* Unemployed/labour force according to ILO methodology;

Source: Population Register

 

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

Field of Activity

2009

2010

2011

2012

2013

2014

2015

Manufacturing

14.1

15.7

16.6

16.1

15.6

15.7

15.1

Real estate activities

10.6

9.8

9.7

9.8

9.9

10.1

10.4

Wholesale and retail trade; repair of motor vehicles etc.

11.7

11.8

12.1

12.4

12.3

12.2

12.3

Transport and storage

8.0

9.0

8.8

9.0

8.9

8.7

8.2

Public administration and defence; compulsory social security

8.0

7.5

6.8

6.6

6.7

6.8

7.1

Construction

7.1

5.9

6.9

7.2

7.0

6.5

6.3

Professional, scientific and technical activities

5.3

5.3

5.0

5.1

5.0

5.3

5.6

Information and communication

5.5

5.3

5.0

5.0

5.3

5.3

5.5

Education

5.5

5.0

4.5

4.3

4.4

4.6

4.7

Administrative and support service activities

3.8

3.7

3.8

3.7

3.8

3.9

3.9

Financial and insurance activities

4.4

4.1

3.9

3.8

3.6

3.8

3.9

Agriculture, forestry and fishing

2.4

3.2

3.9

4.0

3.5

3.4

3.5

Source: Statistical Office of Estonia

 

TRADE

Main Trade Partners in 2015, as a % of total trade

Country

Exports

 

Country

Imports

Sweden

18.8

 

Finland

14.5

Finland

16.0

 

Germany

11.1

Latvia

10.3

 

Lithuania

9.4

Russia

6.7

 

Latvia

8.7

Lithuania

5.8

 

Sweden

8.5

Germany

5.2

Poland

7.4

Norway

4.1

 

Russia

5.8

Netherlands

3.2

 

Netherlands

5.5

USA

3.1

 

China

4.0

Denmark

2.9

 

United Kingdom

2.7

Others

23.9

 

Others

22.4

Source: Statistical Office of Estonia www.stat.ee

 

Main Export and Import Articles in 2015, as a % of total trade

Main Commodity Groups

Exports

 

Main Commodity Groups

Imports

Machinery and appliances

28.5

 

Machinery and appliances

28.3

Wood and products thereof

9.9

 

Mineral products

10.8

Agricultural products and food preparations

9.8

 

Agricultural products and food preparations

10.7

Mineral products

9.4

 

Transport equipment

9.3

Miscellaneous manufactured articles

8.7

 

Chemical products

8.3

Metals and products thereof

7.5

 

Metals and products thereof

7.9

Transport equipment

6.0

 

Articles of plastics and rubber

5.4

Chemical products

4.7

Textile products

4.5

Articles of plastics and rubber

3.3

 

Wood and articles of wood

3.0

Textiles and textile articles

3.0

 

Miscellaneous manufactured articles

2.7

Medical and measuring apparatus

2.7

 

Medical and measuring apparatus

2.7

Others

6.5

 

Others

6.4

Source: Statistical Office of Estonia www.stat.ee

Main_Export_and_Import_Articles_in_2015 According to Statistics Estonia, in 2015 the exports of goods from Estonia at current prices totalled 11.6 billion euros and imports 13.1 billion euros. In 2015 exports of goods decreased by 4% and imports by 5% compared to 2014.

 

In 2015 79% of Estonia’s total trade was with EU member countries. Estonia’s main trade partners are Finland, Sweden, Latvia and Germany.

In 2015 the value of goods exported from Estonia to the EU28 countries was 8.7 billion euros, accounting for 75% of Estonia’s total exports.
Imports from the EU28 countries to Estonia totalled 10.8 billion euros with the share of 83% of Estonia’s total imports in 2015.

 

INVESTMENTS

Direct Investment Position in Estonia by Countries as of 31 December 2015

Direct_Investment_Position_in_Estonia

Country

Million EUR

% of total

EU28

14 067.7

81.0

Euro-zone19

8 921.3

51.4

CIS

1 061.9

6.1

1. Sweden

4 366.5

25.1

2. Finland

3 925.0

22.6

3. Netherlands

1 682.1

9.7

4. Russia

843.8

4.9

5. Norway

680.3

3.9

6. Cyprus

632.3

3.6

7. Lithuania

580.2

3.3

8. Luxembourg  

540.1

3.1

9. Latvia

448.7

2.6

10. Denmark

390.4

2.2

Others

3 288.3

19.0

Total

17 372.7

100.0

Source: Bank of Estonia www.eestipank.ee

Foreign direct investment in Estonia totalled 17.4 billion euros at the end of 2015. The largest direct investment came from Sweden (25.1%) and Finland (22.6%).

Estonian residents investment abroad totalled 5.6 billion euros at the end of 2015. Cyprus has received 21.7% of the direct investment, Lithuania 21.7% and Latvia 18.5%.


Estonia’s Direct Investment Position abroad by Countries as of 31 December 2015

Estonias_Direct_Investment_Position_abroad

Country

Million EUR

% of total

EU28

4 353.7

83.9

Euro-zone19

3 033.5

78.7

CIS

634.2

11.4

1. Cyprus

1 210.5

21.7

2. Lithuania

1 208.0

21.7

3. Latvia

1 027.8

18.5

4. Finland

396.2

7.1

5. Ukraine

282.6

5.1

6. Netherlands

219.7

3.9

7. Russia

217.4

3.9

8. Italy

99.4

1.8

9. Belarus

90.9

1.6

10. USA

86.2

1.5

Others

730.6

13.2

Total

5 569.3

100.0

Source: Bank of Estonia www.eestipank.ee

The most preferred fields of activity for foreign direct investment in Estonia were financial and insurance activities (26.3%), real estate activities (18.6%) and wholesale and retail trade (14.2%).

 

The most preferred fields of activity were administrative and support service activities (21.9%), financial and insurance activities (15.9%) and manufacturing (13.9%).

 

FORECASTS

Economic Development Perspectives

Growth and associated factors 2015–2019

Main economic indicators

2015

2016*

2017*

2018*

2019*

GDP real growth (%)

1.1

2.0

3.0

3.3

3.0

GDP (in nominal terms, billion EUR)

20.5

21.3

22.6

24.0

25.4

GDP deflator (%)

1.4

2.1

2.9

3.0

2.9

Consumer price index (%)

-0.5

0.3

2.7

2.9

2.8

Employment (15–74 years old, thousands)

640.9

635.2

634.8

633.2

   631.8

Employment growth (%)

2.6

-0.9

-0.1

-0.3

-0.2

Unemployment rate (ILO)

6.2

6.6

7.6

8.8

9.7

Average wage (EUR)

1 065

1 117

1 170

1 234

1 305

Wage real growth (%)

6.5

4.5

2.0

2.5

2.9

Current account (% of GDP)

1.9

0.6

0.5

0.6

0.3

Deficit (-)/Surplus of state budget (% of GDP)

0.4

-0.4

-0.5

-0.3

0.6

General government consolidated debt (% of GDP)

9.7

9.8

9.9

10.1

9.7

 Source: Ministry of Finance www.fin.ee, April 2016

 

A comparison of economic forecasts from various institutions 2016–2017

 

Economic growth, %

Consumer price index, %

Current account, % of GDP

 

2016

2017

2016

2017

2016

2017

IMF

2.2

2.8

2.0

2.9

1.2

0.5

OECD

2.5

2.9

1.3*

2.4*

2.3

2.4

European Commission

2.1

2.3

1.0

2.5

1.6

0.3

Bank of Estonia

2.2

3.1

1.5*

3.1*

-0.6

0.2

Ministry of Finance

2.0

3.0

0.3

2.7

0.6

0.5

* Harmonised consumer price index

Source: Ministry of Finance www.fin.ee, European Commission www.europa.eu.int, Bank of Estonia www.bankofestonia.info, IMF www.imf.org, OECD www.oecd.org


More about Estonia's economy

 

Field of Activity

2009

2010

2011

2012

2013

2014

2015

Manufacturing

14.1

15.7

16.6

16.1

15.6

15.7

15.1

Real estate activities

10.6

9.8

9.7

9.8

9.9

10.1

10.4

Wholesale and retail trade; repair of motor vehicles etc.

11.7

11.8

12.1

12.4

12.3

12.2

12.3

Transport and storage

8.0

9.0

8.8

9.0

8.9

8.7

8.2

Public administration and defence; compulsory social security

8.0

7.5

6.8

6.6

6.7

6.8

7.1

Construction

7.1

5.9

6.9

7.2

7.0

6.5

6.3

Professional, scientific and technical activities

5.3

5.3

5.0

5.1

5.0

5.3

5.6

Information and communication

5.5

5.3

5.0

5.0

5.3

5.3

5.5

Education

5.5

5.0

4.5

4.3

4.4

4.6

4.7

Administrative and support service activities

3.8

3.7

3.8

3.7

3.8

3.9

3.9

Financial and insurance activities

4.4

4.1

3.9

3.8

3.6

3.8

3.9

Agriculture, forestry and fishing

2.4

3.2

3.9

4.0

3.5

3.4

3.5