Chinese Eesti
English
Business Information »

Economy in Numbers

17.06.2013

Key Facts

  • Currency: from 1 January 2011 Estonia is member of eurozone and the currency in Estonia is euro.
  • Estonia became the OECD's 34th member country on 9 December 2010.
  • Tax system: 21% flat income tax, reinvested corporate profit is tax free; 20% VAT

International Credit Ratings

  • Moody's: A1, outlook stable
  • Standard & Poor's: AA-, outlook stable
  • Fitch: A+, outlook stable

Key Indicators

Key Indicators 2006 2007 2008 2009 2010 2011 2012
Population as of 1 January (million) 1.35 1.35 1.34 1.34 1.34 1.34 1.29*
GDP at current prices (billion EUR) 13.4 16.1 16.2 13.8 14.3 16.0 17.0
Real growth of GDP (%) 10.1 7.5 -4.2 -14.1 3.3 8.3 3.2
GDP per capita at current prices (EUR) 9 967 11 977 12 110 10 268 10 687 11 905 13 172
GDP per capita (PPS) (EU-27=100) 66 70 69 64 64 67  
Annual FDI (million EUR) 1 431.9 1 985.0 1 181.8 1 324.5 1 207.3 185.0 1 144.4
FDI stock, as of 31 December (million EUR) 9 644 11 386 11 775 11 670 12 495 12 928 14 269
FDI stock per capita, as of 31 December (EUR) 7 144 8 434 8 787 8 709 9 325 9 648 11 061
Consumer price index compared to previous year (%) 4.4 6.6 10.4 -0.1 3.0 5.0 3.9
Unemployment rate** (%) 5.9 4.7 5.5 13.8 16.9 12.5 10.2
Average monthly wage (EUR) 601 725 825 784 792 839 887
Current account balance (% of GDP) -15.3 -15.9 -9.1 3.4 2.9 2.1 -1.2
Deficit (-)/Surplus of state budget (% of GDP) 2.5 2.4 -2.9 -2.0 0.3 1.1 -0.3
Export (billion EUR)*** 7 719 8 033 8 470 6 487 8 743 12 014 12 550
Import (billion EUR)*** 10 711 11 439 10 896 7 270 9 268 12 721 13 762
Trade balance (billion EUR)*** -2 992 -3 406 -2 426 -783 -525 -707 -1 212
General government consolidated dept (% of GDP) 4.4 3.7 4.5 7.2 6.7 6.1 10.1

* Based on the 2012 Population Census
** Unemployed/labour force according to ILO methodology;
*** Trade figures shown in special trade system
(e) Estimated value

Sources: Population Register, Bank of Estonia, Ministry of Finance, Statistical Office of Estonia, Eurostat

GDP by Main Fields of Economic Activity (as a % of total GDP)

Field of Activity 2006 2007 2008 2009 2010 2011 2012
Manufacturing 16.5 16.0 15.7 14.3 16.0 17.3 16.0
Wholesale and retail trade; repair of motor vehicles etc. 14.5 13.9 13.0 11.7 11.7 11.2 11.2
Real estate activities 10.4 10.3 10.4 11.3 10.4 9.8 10.1
Transport and storage 8.4 7.9 7.8 7.6 8.5 8.7 8.5
Construction 9.9 10.7 9.8 7.2 5.9 6.4 7.4
Public administration and defence; compulsory social security 5.2 5.5 6.4 7.9 7.3 6.8 6.7
Information and communication 4.3 4.4 4.8 5.3 5.0 5.1 5.3
Education 4.3 4.2 4.8 5.5 5.1 4.7 4.6
Professional, scientific and technical activities 4.2 4.4 4.7 5.1 4.8 4.6 4.6
Administrative and support service activities 3.6 3.5 3.7 3.9 4.1 4.4 4.4
Electricity, gas, steam and air conditioning supply 2.6 2.5 2.5 3.5 4.1 3.7 3.8
Human health and social work activities 2.9 3.1 3.5 4.0 3.8 3.7 3.6

Source: Statistical Office of Estonia

Main Trade Partners in 2012, as a % of total trade

Country Exports Country Imports
1. Sweden 15.9 1. Finland 14.5
2. Finland 14.6 2. Latvia 10.3
3. Russia 12.1 3. Sweden 10.2
4. Latvia 8.8 4. Latvia 9.5
5. Lithuania 5.4 5. Lithuania 8.6
6. USA 4.7 6. Russia 6.8
7. Germany 4.5 7. Poland 6.2
8. Norway 3.4 8. United Kingdom 3.8
9. Netherlands 2.4 9. Netherlands 3.8
10. Denmark 2.2 10. China 3.5
Others 25.8 Others 22.8

Main Exports and Imports in 2012, as a % of total trade

Main Commodity Groups Exports Main Commodity Groups Imports
Machinery and appliances 28.6 Machinery and appliances 28.6
Mineral products 14.9 Mineral products 15.5
Agricultural products and food preparations 9.2 Agricultural products and food preparations 9.9
Metals and products thereof 8.3 Transport equipment 9.2
Wood and articles of wood 7.4 Chemical products 8.2
Miscellaneous manufactured articles 6.6 Metals and products thereof 7.8
Chemical products 5.2 Articles of plastics and rubber 4.9
Transport equipment 5.1 Textile products 4.1
Articles of plastics and rubber 3.1 Wood and articles of wood 2.4
Textiles and textile articles 2.8 Miscellaneous manufactured articles 2.0
Paper and articles of paper 2.5 Paper and articles of paper 1.7
Others 6.3 Others 6.0

Source: Statistical Office of Estonia

Direct Investment Position in Estonia by Countries

as of 31 December 2012

Country Million EUR % of total
EU27 11 641.2 83.3
Euro-zone17 6 422.1 46.5
CIS 732.1 4.7
1. Sweden 3 940.7 27.6
2. Finland 3326.7 23.3
3. Netherlands 1 477.5 10.4
4. Norway 675.2 4.7
5. Russia 649.6 4.6
6. Lithuania 440.5 3.1
7. Cyprus 410.3 2.9
8. Denmark 331.1 2.3
9. USA 329.5 2.3
10. Germany 297.6 2.1
Others 2 389.9 16.7
Total 14 268.6 100.0

Source: Bank of Estonia

Estonia's Direct Investment Position abroad by Countries

as of 31 December 2012

Country million EUR % of total
EU27 3 614.4 82.3
Euro-zone17 1 836.3 41.8
CIS 585.7 13.3
1. Cyprus 1 258.7 28.7
2. Lithuania 867.8 19.8
3. Latvia 755.3 17.2
4. Russia 252.4 5.8
5. Finland 240.5 5.5
6. Ukraine 238.6 5.4
7. Netherlands 126.6 2.9
8. Belarus 82.6 1.9
9. Italy 81.0 1.8
10. USA 74.9 1.7
Others 411.1 9.3
Total 4 389.5 100.0

Source: Bank of Estonia

Telecommunications and IT

  • 78% of population aged 16 to 74 are Internet users (2012, Statistics Estonia).
  • 75% of households have access to the Internet at home (2012, Statistics Estonia).
  • All Estonian schools are connected to the Internet.
  • All Estonian towns and villages are covered by the network of public Internet access points.
  • There are more than 1 128 free wireless Internet zones around the country. More information: www.wifi.ee
  • Incomes can be declared to the Tax and Customs Board via Internet. In 2012, the percentage of electronic tax declarations was 94.
  • The Government has changed Cabinet meetings to paperless sessions using a web-based document system
  • All of Estonia is covered with digital mobile phone networks
  • There are more mobile phone contracts than residents - 139 per 100 people

With its policies and innovative initiatives the Estonian Government is helping companies make the information technology sector one of the fastest growing in the country. The World Economic Forum's Global Information Technology Report 2012 - The Networked Readiness Index, also indicates a strong Estonian standing in government and the community readiness to participate in and benefit from ICT developments: the study ranks Estonia 24th out of 142 countries thanks to its regulatory framework for ICT, making Estonia the leader among the Central and Eastern European countries.

Economic Development Perspectives

Growth and associated factors 2012-2017

Main economic indicators 2012 2013* 2014* 2015* 2016* 2017*
GDP real growth (%) 3.2 3.0 3.6 3.5 3.5 3.5
GDP (in nominal terms, billion EUR) 17.0 18.1 19.4 20.6 22.0 23.4
GDP deflator (%) 3.2 3.5 3.1 3.0 2.9 2.8
Consumer price index (%) 3.9 3.4 2.8 2.8 2.8 2.7
Employment (15–74 years old, thousands) 624.4 626.3 628.8 628.8 628.8 628.8
Employment growth (%) 2.5 0.3 0.4 0.0 0.0 0.0
Unemployment rate (ILO) 10.2 8.9 8.3 7.8 7.4 6.8
Average wage (EUR) 884* 937 997 1 059 1 122 1 189
Wage real growth (%) 1.9 2.5 3.5 3.3 3.1 3.2
Current account (% of GDP) -1.2 -1.2 -1.3 -2.1 -2.9 -3.1
Deficit(-)/Surplus of state budget (% of GDP) -0.3 -0.5 -0.1 0.0 1.0 1.6
General governement consolidated debt (% of GDP) 10.1 10.2 9.9 9.3 8.8 8.3

* Forecast;
Source: Ministry of Finance, April 2013

A Comparison of Economic Forecasts from Various Institutions 2013-2014

  Economic growth, % Consumer price index, % Current account,
% of GDP
  2013 2014 2013 2014 2013 2014
IMF 3.0 3.2 3.2 2.8 0.0 0.1
OECD 1.5 3.6 3.4* 2.9* - 3.0 - 2.6
European Commission 3.0 4.0 3.6* 3.1* - 2.2 - 2.0
Bank of Estonia 2.0 4.2 3.3* 2.7* - 0.8 - 0.8
Ministry of Finance 3.0 3.6 3.6* 2.9* -1.2 -1.3

* Harmonised consumer price index
Source: Ministry of Finance, European Commission, Bank of Estonia, IMF, OECD

 

More about Estonia's economy:

Bank of Estonia
Statistical Office of Estonia
Estonian Chamber of Commerce and Industry
Ministry of Finance
Ministry of Economic Affairs and Communications
Tallinn Stock Exchange
Enterprise Estonia
Estonian Investment and Trade Agency
Trade with Estonia (Estonian exporters database)
ICC-Estonia
Estonian Development Fund
Estonian Business Association
Transformations in the Estonian economy

TopBack

© Consulate General of Estonia in Shanghai Westgate Tower rm 2108A, Nanjing West Road 1038, Shanghai tel. (86 21) 51 78 23 91, e-mail: consulate.shanghai@mfa.ee