Estonia: Digital Economy Drives Growth
By embracing new technologies, Estonia has become the Baltic region’s economic rising star.
Estonia GDP and Economic Data
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.
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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
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GDP (Purchasing Power Parity)
USD 55.71 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Real GDP growth
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 5.8% | 4.1% | 4.1% | –3.0% | 8.5% |
*Estimate
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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 | 2018 | 2019 | 2020* | 2021* |
| 3.7% | 3.4% | 2.3% | –0.6% | 3.8% |
*Estimate
Source
Unemployment rate
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 5.8% | 5.4% | 4.4% | 6.8% | 6.5% |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 9.1% | 8.2% | 8.6% | 18.5% | 20% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2017 | 2018 | 2019 | 2020* | 2021* |
| –0.8% | –0.5% | 0.5% | –4.9% | –2.9% |
*Estimate
Source
Government bond ratings
Standard & Poor's: AA–
Moody': A1
Standard & Poor's / Moody's
Standard & Poor's / Moody's (January 2022)
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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
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Exports as percent of GDP (Exports of goods and services)
71.2% (2020)
World Bank - World Development Indicators (updated Feb 2022)
Shares in world total merchandising export
0.09% (2020)
Shares in world total commercial services export
0.1% (2020)
Export commodities
Broadcasting equipment, refined petroleum, coal tar oil, cars, prefabricated buildings (2019)
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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)
FDI inflows
| 2018 | 2019 | 2020 |
| USD 1.5 billion | USD 3.1 billion | USD 3.2 billion |
FDI outflows
| 2018 | 2019 | 2020 |
| USD 58 million | USD 2.0 billion | USD 218 million |
Value of cross-border M&A, by country of purchaser
| 2017 | 2018 | 2019 | 2020 |
| USD –654 million | USD 44 million | USD -50 million | 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
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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
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Languages
Estonian (official) 68.5%, Russian 29.6%, Ukrainian 0.6%, other 1.2%, unspecified 0.1% (2011 est.)
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.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020 |
| 1.57 million | 1.4 million | 1.33 million | 1.32 million | 1.33 million |
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2020 |
| 57.5% | 69.7% | 69.4% | 69.2% |
Literacy
Total population: 99.8%
Male: 99.8%
Female: 99.8% (2015) Definition: age 15 and over can read and write
% 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)
Source
Freedom House rating
Total score: 94/100
Status: Free
Political Rights: 38/40
Civil Liberties: 56/60 (2022)
Source
Total telephone subscribers as % of population
Fixed: 23.0%
Mobile: 145.2% (2020)
(fixed-telephone subscribers and mobile-cellular subscribers)