Estonian Economy
Economy - overview: Estonia, a member of the European Union 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. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy recovered strongly in the five years up to 2014. Growth fell below 2% in 2014 as a consequence of weak EU and Russian growth. Estonia is challenged by a shortage of labor, both skilled and unskilled, and the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.
GDP (purchasing power parity): $35.62 billion (2014 est.)
GDP (official exchange rate): $25.95 billion (2014 est.)
GDP - real growth rate: 2.1% (2014 est.)
GDP - per capita (PPP): $27,000 (2014 est.)
GDP - composition by sector: agriculture: 3.6%
industry: 29.2%
services: 67.2% (2014 est.)
Labor force: 669,800 (2014 est.)
Labor force - by occupation: agriculture: 3.9%
industry: 28.4%
services: 67.7% (2014)
Unemployment rate: 7% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 2.7%
highest 10%: 27.7% (2004)
Investment (gross fixed): 19.4% of GDP (2009 est.)
Budget: revenues: $9.811 billion
expenditures: $9.877 billion (2014 est.)
Public debt: 9.9% of GDP (2014 est.)
Inflation rate (consumer prices): -0.1% (2014 est.)
Commercial bank prime lending rate: 5.1% (31 December 2014 est.)
Agriculture - products: potatoes, vegetables; livestock and dairy products; fish
Industries: engineering, electronics, wood and wood products, textiles; information technology, telecommunications
Industrial production growth rate: 2% (2014 est.)
Electricity - production: 11.34 billion kWh (2012 est.)
Electricity - consumption: 8.22 billion kWh (2012 est.)
Electricity - exports: 6.301 billion kWh (2013 est.)
Electricity - imports: 2.712 billion kWh (2013 est.)
Oil - production: 0 bbl/day (2014 est.)
Oil - consumption: 29,000 bbl/day (2008 est.)
Oil - exports: 11,680 bbl/day (2013 est.)
Oil - imports: 0 bbl/day (2013 est.)
Oil - proved reserves: 0 bbl (1 January 2015 est.)
Natural gas - production: 0 cu m (2014 est.)
Natural gas - consumption: 530 million cu m (2014 est.)
Natural gas - exports: 0 cu m (2014 est.)
Natural gas - imports: 530 million cu m (2014 est.)
Natural gas - proved reserves: 0 cu m (1 January 2014 est.)
Current account balance: -$14 million (2014 est.)
Exports: $15.82 billion (2014 est.)
Exports - commodities: machinery and electrical equipment 29%, food products and beverages 16%, mineral fuels 11%, wood and wood products 9%, metals 7%, furniture 7%, vehicles and parts 5%, textiles 4%, chemicals 5% (2014 est.)
Exports - partners: Sweden 18.5%, Finland 15.8%, Latvia 11.1%, Russia 10%, Lithuania 5.5%, Germany 5% (2014)
Imports: $17.05 billion (2014 est.)
Imports - commodities: machinery and electrical equipment 28 %, mineral fuels 13%, food and food products 10%, chemical products 8%, metals 8%, plastics 5% (2014 est.)
Imports - partners: Finland 15.5%, Germany 11.9%, Sweden 9.1%, Latvia 8.6%, Lithuania 8%, Poland 7.8%, Netherlands 5.6%, Russia 4.7%, China 4.5% (2014)
Reserves of foreign exchange and gold: $366 million (31 December 2014 est.)
Debt - external: $22.95 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $25 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $9.012 billion (31 December 2014 est.)
Exchange rates: kroon (EEK) per US dollar - 0.7697 (2013 est.), 0.7778 (2012 est.), 0.72 (2011 est.), 11.81 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team