Includes Estonia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Estonia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Estonia best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary republic
Capital City: Tallinn
GDP & Economic Information
Macroeconomy & Sovereign Data
Bank of Estonia |
USD 2.37 billion (2021) International Monetary Fund (IMF), data retrieved January 2022 |
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Currency | Euro (EUR) |
International Reserves |
USD 2.37 billion (2021) International Monetary Fund (IMF), data retrieved January 2022 |
Gross Domestic Product – GDP |
USD 36.04 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (Purchasing Power Parity) |
USD 55.71 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 5.8% 2018 4.1% 2019 4.1% 2020* –3.0% 2021* 8.5% *Estimate |
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GDP per capita – current prices | USD 27,100.74 (2021 estimate) |
GDP per capita – PPP | USD 41,892.18 (2021 estimate) |
GDP (PPP) – share of world total | 0.04% (2021 estimate) |
GDP – composition by sector |
agriculture: 2.2% industry: 22.7% services: 62.7% (2018 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | 1.6% (2019) |
Inflation |
2017 3.7% 2018 5.4% 2019 4.4% 2020* 6.8% 2021* 6.5% *Estimate |
Estonia
Inflation & Debt
Inflation |
2017 3.7% 2018 5.4% 2019 4.4% 2020* 6.8% 2021* 6.5% *Estimate |
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Government Bond Ratings |
Standard & Poor’s: AA– Moody’: A1 Standard & Poor’s / Moody’s Standard & Poor’s / Moody’s (January 2022) |
Unemployment rate |
2017 5.8% 2018 5.4% 2019 4.4% 2020* 6.8% 2021* 6.5% *Estimate |
Household saving rates | 9.6% (2019) |
Public debt (General government gross debt as a % of GDP) |
2017 9.1% 2018 8.2% 2019 8.6% 2020* 18.5% 2021* 20% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 –0.8% 2018 –0.5% 2019 0.5% 2020* –4.9% 2021* –2.9% *Estimate |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
71.2% (2020) World Bank – World Development Indicators (updated Feb 2022) |
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Shares in world total merchandising export | 0.09% (2020) |
Shares in world total commercial services export | 0.1% (2020) |
Total exports | USD 21.7 billion (2020 estimate) |
Export commodities | Broadcasting equipment, refined petroleum, coal tar oil, cars, prefabricated buildings (2019) |
Total imports | USD 21.6 billion (2020 estimate) |
Import commodities |
Cars, refined petroleum, coal tar oil, broadcasting equipment, packaged medicines (2019) |
Exports – major partners | Finland 13%, Sweden 9%, Latvia 8%, Russia 8%, United States 7%, Lithuania 6%, Germany 6% (2019) |
Imports – major partners | Russia 12%, Germany 10%, Finland 9%, Lithuania 7%, Latvia 7%, Sweden 6%, Poland 6%, China 6% (2019) |
Competitiveness & Trade
Current account balance |
USD -0.65 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
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Current account balance by percentage of GDP |
-1.8% (2021 estimate) IMF – World Economic Outlook, October 2021 |
FDI inflows |
2018 USD 1.5 billion 2019 USD 3.1 billion 2020 USD 3.2 billion |
FDI Outflows |
2018 USD 58 million 2019 USD 2.0 billion 2020 USD 218 million |
Value of cross-border M&A, by country of purchaser |
2017 USD –654 million 2018 USD 44 million 2019 USD -50 million 2020 USD –165 million |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 18 out of 190 countries Subcategories: Starting a Business: 14 out of 190 countries Dealing with Construction Permits: 19 out of 190 countries Getting Electricity: 53 out of 190 countries Registering Property: 6 out of 190 countries Getting Credit: 48 out of 190 countries Protecting Minority Investors: 79 out of 190 countries Paying Taxes: 12 out of 190 countries Trading across Borders: 17 out of 190 countries Enforcing Contracts: 8 out of 190 countries Resolving Insolvency: 54 out of 190 countries |
Global competitiveness ranking | 126 out of 141 (2019) |
Index of Economic Freedom |
Ranking: 7 / Score: 80 (Free) The Heritage Foundation – 2022 Index of Economic Freedom |
Population & Geographic Data
Total Area |
45,228 sq km |
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Total Population |
1990 1.57 million 2000 1.4 million 2010 1.33 million 2015 1.32 million 2020 1.33 million |
Urban population as % of total population |
1960 57.5% 1980 69.7% 2000 69.4% 2020 69.2% |
Population median age |
77.9 years CIA World Factbook / Population median age |
Population growth rate | -0.71% (2022 est.) |
Life expectancy |
77 years (2018 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day | 0.8% (last available estimate, 2019) |
Inequality of wealth distribution (Gini index) | 30.8 (last available estimate, 2019) |
Freedom House rating |
Total score: 94/100 Status: Free Political Rights: 38/40 Civil Liberties: 56/60 (2022) |
Total telephone subscribers as % of population |
Fixed: 23.0% Mobile: 145.2% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 89.1% (2020) |
Language & Religon
Languages | Estonian (official) 68.5%, Russian 29.6%, Ukrainian 0.6%, other 1.2%, unspecified 0.1% (2011 est.) |
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Literacy |
Total population: 99.8% Male: 99.8% Female: 99.8% (2015) Definition: age 15 and over can read and write |
Religions |
Orthodox 16.2%, Lutheran 9.9%, other Christian (including Methodist, Seventh Day Adventist, Roman Catholic, Pentecostal) 2.2%, other 0.9%, none 54.1%, unspecified 16.7% (2011 est.) |
World Rankings
Population | 1.33 million |
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Mercer Cost of living index | N/A |
C02 Emissions per capita |
12.1 metric tons per capita (2018) |
Global Finance Rankings & Awards: Estonia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000