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Estonia Economy Profile 2017

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Economy - overviewEstonia, a member of the EU 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, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia's successive governments have pursued a free market, pro-business economic agenda, and 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, Germany, and Russia. After two years of robust recovery in 2011 and 2012, the Estonian economy faltered in 2013 with only 1.6% GDP growth, mainly due to continuing recession in much of the EU. GDP growth in 2014 picked up to 2.9% but dropped below 2% in 2015-16 due to lower demand in key Scandinavian and Russian export markets. In 2016 the government implemented modest increases in fiscal spending, which may contribute to GDP growth in 2017.

Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.
GDP (purchasing power parity)$38.93 billion (2016 est.)
$38.28 billion (2015 est.)
$37.72 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$23.48 billion (2016 est.)
GDP - real growth rate1.7% (2016 est.)
1.5% (2015 est.)
2.7% (2014 est.)
GDP - per capita (PPP)$29,500 (2016 est.)
$29,000 (2015 est.)
$28,700 (2014 est.)
note: data are in 2016 dollars
Gross national saving24.4% of GDP (2016 est.)
26.2% of GDP (2015 est.)
27.5% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 51.2%
government consumption: 20.9%
investment in fixed capital: 24.3%
investment in inventories: -1%
exports of goods and services: 79.2%
imports of goods and services: -74.6% (2016 est.)
GDP - composition by sectoragriculture: 3.5%
industry: 28.1%
services: 68.4% (2016 est.)
Population below poverty line21.3% (2015 est.)
Labor force651,200 (2016 est.)
Labor force - by occupationagriculture: 3.1%
industry: 20.2%
services: 76.7% (2016 est.)
Unemployment rate6.8% (2016 est.)
6.2% (2015 est.)
Unemployment, youth ages 15-24total: 15%
male: 19.3%
female: 10% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.3%
highest 10%: 25.6% (2015)
Distribution of family income - Gini index34.8 (2015)
35.6 (2014)
Budgetrevenues: $9.559 billion
expenditures: $9.489 billion (2016 est.)
Taxes and other revenues40.7% of GDP (2016 est.)
Budget surplus (+) or deficit (-)0.3% of GDP (2016 est.)
Public debt9.7% of GDP (2016 est.)
10.1% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities, including sub-sectors of central government, state government, local government, and social security funds
Inflation rate (consumer prices)0.1% (2016 est.)
-0.5% (2015 est.)
Central bank discount rate0% (31 December 2016 est.)
0.05% (31 December 2015 est.)
Commercial bank prime lending rate4.8% (31 December 2016 est.)
4.48% (31 December 2015 est.)
Stock of narrow money$12.85 billion (31 December 2016 est.)
$10.96 billion (31 December 2015 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money$14.71 billion (31 December 2014 est.)
$14.05 billion (31 December 2013 est.)
Stock of domestic credit$21.29 billion (31 December 2016 est.)
$19.88 billion (31 December 2015 est.)
Market value of publicly traded shares$6.76 billion (31 December 2016 est.)
$6.799 billion (31 December 2015 est.)
$7.127 billion (31 December 2014 est.)
Agriculture - productsgrain, potatoes, vegetables; livestock and dairy products; fish
Industriesfood, engineering, electronics, wood and wood products, textiles; information technology, telecommunications
Industrial production growth rate3.2% (2016 est.)
Current Account Balance$613 million (2016 est.)
$496 million (2015 est.)
Exports$13.24 billion (2016 est.)
$12.24 billion (2015 est.)
Exports - commoditiesmachinery and electrical equipment 30%, food products and beverages 9%, mineral fuels 6%, wood and wood products 14%, articles of base metals 7%, furniture and bedding 11%, vehicles and parts 3%, chemicals 4% (2016 est.)
Exports - partnersSweden 18.8%, Finland 16%, Latvia 10.4%, Russia 6.7%, Lithuania 5.9%, Germany 5.2%, Norway 4.1% (2015)
Imports$15 billion (2016 est.)
$13.19 billion (2015 est.)
Imports - commoditiesmachinery and electrical equipment 28%, mineral fuels 11%, food and food products 10%, vehicles 9%, chemical products 8%, metals 8% (2015 est.)
Imports - partnersFinland 14.5%, Germany 11%, Lithuania 9%, Sweden 8.5%, Latvia 8.3%, Poland 7.4%, Russia 6.1%, Netherlands 5.5%, China 4.8% (2015)
Reserves of foreign exchange and gold$475.5 million (31 December 2016 est.)
$414.8 million (31 December 2015 est.)
Debt - external$19.05 billion (31 December 2016 est.)
$18.3 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$22.86 billion (31 December 2016 est.)
$22.02 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$9.414 billion (31 December 2016 est.)
$9.164 billion (31 December 2015 est.)
Exchange rateskroon (EEK) per US dollar -
0.8985 (2016 est.)
0.9012 (2015 est.)
0.9012 (2014 est.)
0.7525 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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