Economy in Numbers
- 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: 21% 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
|Population as of 1 January (million)||1.35||1.35||1.34*||1.34||1.34||1.34||1.29*|
|GDP at current prices (billion EUR)||13.4||16.1||16.2||13.8||14.3||16.0||17.0|
|Real growth of GDP (%)||10.1||7.5||-4.2||-14.1||3.3||8.3||3.2|
|GDP per capita at current prices (EUR)||9 967||11 977||12 110||10 268||10 687||11 905||13 172|
|GDP per capita (PPS) (EU-27=100)||66||70||69||64||64||67|
|Annual FDI (million EUR)||1 431.9||1 985.0
||1 181.8||1 324.5||1 207.3||185.0||1 144.4|
|FDI position, as of 31 December (million EUR)||9 644||11 386||11 775||11 670||12 495||12 928||14 269|
|FDI position per capita, as of 31 December (EUR)||7 144||8 434||8 787||8 709||9 325||9 648||11 061|
|Consumer price index compared to previous year (%)||4.4||6.6||10.4||-0.1||3.0||5.0||3.9|
|Unemployment rate** (%)||5.9||4.7||5.5||13.8||16.9||12.5||10.2|
|Average monthly wage (EUR)||601||725||825||784||792||839|
|Current account balance (% of GDP)||-15.3||-15.9||-9.1||3.4||2.9||2.1||-1.2|
|Deficit (-)/Surplus of state budget (% of GDP)||2.5||2.4||-2.9||-2.0||0.3||1.1|
|Export (billion EUR)***||7 719||8 033||8 470||6 487||8 743||12 041||12 550|
|Import (billion EUR)***||10 711||11 439||10 896||7 270||9 268||12 721
|Trade balance (billion EUR)***||-2 992||-3 406||-2 426||-783||-525||-707||-1 212|
|Total government expenditures (% of GDP)||33.6||34.0||39.5||45.2||40.6||38.2|
* Based on the 2012 Population Census
** Unemployed/labour force according to ILO methodology;
*** Trade figures shown in special trade system
(e) Estimated value
Sources: Population Register, Bank of Estonia, Ministry of Finance, Statistical Office of Estonia, Eurostat
GDP by Main Fields of Economic Activity (as a % of total GDP)
|Field of Activity||2006||2007||2008||2009||2010||2011||2012|
|Wholesale and retail trade; repair of motor vehicles etc.||14.5||13.9||13.0||11.7||11.7||11.2||11.2|
|Real estate activities||10.4||10.3||10.4||11.3||10.4||9.8||10.1|
|Transport and storage||8.4||7.9||7.8||7.6||8.5||8.7||8.5|
|Public administration and defence; compulsory social security
|Information and communication||4.3||4.4||4.8||5.3||5.0||5.1||5.3|
|Professional, scientific and technical activities||4.2||4.4||4.7||5.1||4.8||4.6||4.6|
|Administrative and support service activities||3.6||3.5||3.7||3.9||4.1||4.4||4.4|
|Electricity, gas, steam and air conditioning supply||2.6||2.5||2.5||3.5||4.1||3.7||3.8|
|Human health and social work activities||2.9||3.1||3.5||4.0||3.8||3.7||3.6|
Source: Statistical Office of Estonia
Main Trade Partners in 2012, as a % of total trade
figures shown in special trade system
|1. Sweden||15.9||1. Finland||14.5|
|2. Finland||14.6||2. Germany||10.3|
|3. Russia||12.1||3. Sweden||10.2|
|4. Latvia||8.8||4. Latvia||9.5|
|5. Lithuania||5.4||5. Lithuania||8.6|
|6. USA||4.7||6. Russia||6.8|
|7. Germany||4.5||7. Poland||6.2|
|8. Norway||3.4|| 8. United Kingdom
|9. Netherlands||2.4||9. Netherlands||3.8|
|10. Denmark||2.4||10. China||3.5|
Main Export and Import Articles in 2012, as a % of total trade
|Main Commodity Groups||Exports||Main Commodity Groups||Imports|
|Machinery and appliances||28.6||Machinery and appliances||28.6|
|Mineral products||14.9||Mineral products||15.5|
|Agricultural products and food preparations||9.2||Agricultural products and food preparations||9.9|
|Metals and products thereof||8.3||Transport equipment||9.2|
|Wood and articles of wood||7.4||Chemical products||8.2|
|Miscellaneous manufactured articles||6.6|| Metals and products thereof
|Transport equipment||5.1||Articles of plastics and rubber||4.9|
|Chemical products||5.2||Textile products||4.1|
|Articles of plastics and rubber||3.1||Wood and articles of wood||2.4|
|Textiles and textile articles||2.8||Miscellaneous manufactured articles||2.0|
|Paper and articles of paper||2.5||Paper and articles of paper||1.7|
Source: Statistical Office of Estonia
According to Statistics Estonia, in 2012 the exports of goods from Estonia at current prices totalled 12.6 billion euros and imports 13.8 billion euros. In 2012 exports of goods increased by 4% and imports by 9% compared to 2011.
In 2012 73% of Estonia’s total trade was with EU member countries. Estonia’s main trade partners are neighbouring countries Finland, Sweden, Russia and Latvia.
In 2012 the value of goods exported from Estonia to the EU27 countries was 8.3 billion euros, accounting for 66% of Estonia’s total exports.
Imports from the EU27 countries to Estonia totalled 11.0 billion euros with the share of 80% of Estonia’s total imports in 2012.
Direct Investment Position in Estonia by Countries
as of 31 December 2012
|Country||Million EUR||% of total|
|1. Sweden||3 940.7||27.6|
|2. Finland||3 326.7||23.3|
|3. Netherlands||1 477.5||10.4|
Source: Bank of Estonia
Estonia's Direct Investment Position abroad by Countries
as of 31 December 2012
|Country||million EUR||% of total|
|1. Cyprus||1 258.7
Source: Bank of Estonia
Foreign direct investment in Estonia totalled 14.3 billion euros at the end of 2012. The largest direct investment came from Sweden (27.6%) and Finland (23.3%).
The most preferred fields of activity for foreign direct investment in Estonia were financial and insurance activities (24.4%), manufacturing (16.4%) and real estate activities (15.5%).
Estonian residents' investments abroad totalled 4.4 billion euros at the end of 2012. Cyprus received 29% of the direct investments, Lithuania 20%, and Latvia 17%.
The most preferred fields of activity were transport and storage (28%), professional, scientific and technical activities (19.7%), and financial and insurance activities (16.9%).
Telecommunications and IT
- 77% of population aged 16 to 74 are Internet users (2011, Statistics Estonia).
- 71% of households have access to the Internet at home (2011, 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 1 100 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 2012, the percentage of electronic tax declarations was 94.
- 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 2012 - 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 24th out of 142 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 2011-2016
|Main economic indicators||2011||2012*||2013*||2014*||2015*||2016*|
|GDP real growth (%)||7.6||2.2||3.0||3.4||3.5||3.6|
|GDP (in nominal terms, billion EUR)||16.0||17.0||18.1||19.2||20.4||21.8|
|GDP deflator (%)||3.7||3.9||3.3||2.8||2.9||2.8|
|Consumer price index (%)||5.0||3.9||3.5||2.8||2.8||2.8|
|Employment (15–74 years old, thousands)||609.1||623.9||627.4||630.5||633.0||635.6|
|Employment growth (%)||6.7||2.4||0.5||0.5||0.4||0.4|
|Unemployment rate (ILO)||12.5||10.4||8.9||8.2||7.9||7.8|
|Average wage (EUR)||835||882||930||984||1 043||1 106|
|Wage real growth (%)||0.4||1.6||1.9||2.9||3.1||3.1|
|Current account (% of GDP)||3.2||0.3||0.4||0.1||-0.9||-1.8|
Source: Ministry of Finance, August 2012
A Comparison of Economic Forecasts from Various Institutions 2013-2014
|Economic growth, %||Consumer price index, %||Current account,
% of GDP
|Bank of Estonia||3.0||4.0||3.6*||2.4*||-2.1||-2.5|
|Ministry of Finance||3.0||3.4||3.5*||2.8*||0.4||0.1|
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
Trade with Estonia (Estonian exporter database)
Estonian business information gateway
Estonian Investment and Trade Agency
Enterprise Estonia (Trade Promotion Services)
Estonian Development Fund
Estonian Business Association