Browse a full set of economic indicators

Estonia

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
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
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
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)
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
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


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.)
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
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

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