Economy - overviewEstonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. The current government has pursued relatively sound fiscal policies, resulting in balanced budgets and low public debt. In 2007, however, a large current account deficit and rising inflation put pressure on Estonia's currency, which is pegged to the euro, highlighting the need for growth in export-generating industries. GDP (purchasing power parity)$29.35 billion (2007 est.) GDP (official exchange rate)$21.2 billion (2007 est.) GDP - real growth rate7.3% (2007 est.) GDP - per capita (PPP)$21,800 (2007 est.) GDP - composition by sectoragriculture: 2.9% Population below poverty line5% (2003) Household income or consumption by percentage sharelowest 10%: 2.5% Inflation rate (consumer prices)6.3% (2007 est.) Investment (gross fixed)33.3% of GDP (2007 est.) Labor force688,000 (2007 est.) Labor force - by occupationagriculture: 11% Unemployment rate5.2% (2007 est.) Distribution of family income - Gini index34 (2005) Budgetrevenues: $7.671 billion Public debt3.8% of GDP (2007 est.) Industriesengineering, electronics, wood and wood products, textiles; information technology, telecommunications Industrial production growth rate6.1% (2007 est.) Electricity - production9.599 billion kWh (2005) Electricity - consumption6.888 billion kWh (2005) Electricity - exports1.953 billion kWh (2005) Electricity - imports345 million kWh (2005) Oil - production6,930 bbl/day (2005 est.) Oil - consumption29,000 bbl/day (2005 est.) Oil - imports54,000 bbl/day (2004) Oil - exports3,958 bbl/day (2004) Oil - proved reserves0 bbl (1 January 2006 est.) Natural gas - production0 cu m (2005 est.) Natural gas - consumption1.458 billion cu m (2005 est.) Natural gas - exports0 cu m (2005 est.) Natural gas - imports1.458 billion cu m (2005) Natural gas - proved reserves0 cu m (1 January 2006 est.) Current Account Balance-$3.092 billion (2007 est.) Agriculture - productspotatoes, vegetables; livestock and dairy products; fish Exports$11.31 billion f.o.b. (2007 est.) Exports - commoditiesmachinery and equipment 33%, wood and paper 15%, textiles 14%, food products 8%, furniture 7%, metals, chemical products (2001) Exports - partnersFinland 18.2%, Sweden 12.2%, Latvia 9.1%, Russia 7.9%, US 6.6%, Germany 5%, Lithuania 4.8%, Gibraltar 4.5% (2006) Imports$14.71 billion f.o.b. (2007 est.) Imports - commoditiesmachinery and equipment 33.5%, chemical products 11.6%, textiles 10.3%, foodstuffs 9.4%, transportation equipment 8.9% (2001) Imports - partnersFinland 18.4%, Russia 12.9%, Germany 12.3%, Sweden 9.2%, Lithuania 6.4%, Latvia 5.8% (2006) Reserves of foreign exchange and gold$3.605 billion (31 December 2007 est.) Debt - external$20.24 billion (30 June 2007) Stock of direct foreign investment - at home$16.32 billion (2006 est.) Stock of direct foreign investment - abroad$3.557 billion (2006 est.) Market value of publicly traded shares$5.963 billion (2006) Economic aid - recipient$135.5 million (2004) Currency (code)Estonian kroon (EEK) Exchange rateskrooni per US dollar - 11.535 (2007), 12.473 (2006), 12.584 (2005), 12.596 (2004), 13.856 (2003) Fiscal yearcalendar year |
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Source: CIA World Factbook | |