| Economy | Estonia |
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Economy - overview:
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Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. The current government has followed sound fiscal policies that have resulted in balanced budgets and very low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. Tallinn's priority has been to sustain high growth rates - on average 8% per year from 2003 to 2007. Estonia's economy slowed down markedly and fell sharply into recession in mid-2008, primarily as a result of an investment and consumption slump following the bursting of the real estate market bubble. GDP dropped nearly 14% in 2009, among the world's highest rates of contraction. Rising exports to Sweden and Finland lead an economic recovery in 2010, but unemployment stands at 13% in 2011. Estonia joined the OECD in December 2010 and adopted the euro in January 2011. |
GDP (purchasing power parity):
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$26.93 billion (2011 est.)
$25.3 billion (2010 est.)
$24.48 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$20,200 (2011 est.)
$18,900 (2010 est.)
$18,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$22.5 billion (2011 est.) |
GDP - real growth rate:
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6.5% (2011 est.)
3.1% (2010 est.)
-13.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 2.6%
industry: 29.2%
services: 68.2% (2011 est.) |
Investment (gross fixed):
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19.9% of GDP (2011 est.) |
Population below poverty line:
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19.7% (2008) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 27.7% (2004) |
Distribution of family income - Gini index:
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31.4 (2009)
37 (1999) |
Inflation rate (consumer prices):
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5% (2011 est.)
3% (2010 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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7.5% (31 December 2011 est.)
7.759% (31 December 2010 est.) |
Stock of money:
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$6.106 billion (31 December 2008)
$7.158 billion (31 December 2007) |
Stock of money - per capita:
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4,760 USD per capita |
Stock of quasi money:
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$5.478 billion (31 December 2008)
$4.253 billion (31 December 2007) |
Stock of quasi money - per capita:
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4,270 USD per capita |
Stock of domestic credit:
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$20.26 billion (31 December 2011 est.)
$18.95 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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15,792 USD per capita |
Stock of narrow money:
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$7.139 billion (31 December 2011 est.)
$6.614 billion (31 December 2010 est.)
note: this figure represents the US dollar value of Estonian kroon in circulation prior to Estonia's joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$12.26 billion (31 December 2011 est.)
$11.36 billion (31 December 2010 est.) |
Labor force:
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685,400 (2011 est.) |
Labor force participation rate:
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53.42 % of population |
Labor force - by occupation:
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agriculture: 2.8%
industry: 22.7%
services: 74.5% (2008) |
Unemployment rate:
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13% (2011 est.)
16.9% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 27.3%
male: 31.8%
female: 21.2% (2009) |
Budget:
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revenues: $8.645 billion
expenditures: $8.926 billion (2011 est.) |
Budget revenues per capita:
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6,739 USD per capita |
Taxes and other revenues:
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38.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.2% of GDP (2011 est.) |
Public debt:
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5.8% of GDP (2011 est.)
6.7% of GDP (2010 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 |
Industries:
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engineering, electronics, wood and wood products, textiles; information technology, telecommunications |
Industrial production growth rate:
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7.3% (2011 est.) |
Electricity - production:
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8.779 billion kWh (2009 est.) |
Electricity - production per capita:
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6,843 kWh per capita |
Electricity - consumption:
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7.08 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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5,519 kWh per capita |
Electricity - exports:
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2.943 billion kWh (2009 est.) |
Electricity - imports:
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3.025 billion kWh (2009 est.) |
Oil - production:
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7,642 bbl/day (2010 est.) |
Oil - production per capita:
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5,957 bbl/day per capita |
Oil - consumption:
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31,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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8.82 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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28,520 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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1.02 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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796 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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1.02 billion cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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grain, potatoes, vegetables; livestock and dairy products; fish |
Current account balance:
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$390.1 million (2011 est.)
$677.8 million (2010 est.) |
Current account balance - per capita:
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305 USD per capita |
Exports:
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$15.64 billion (2011 est.)
$11.66 billion (2010 est.) |
Exports per capita:
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12,191 USD per capita |
Exports - commodities:
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machinery and electrical equipment 21%, wood and wood products 9%, metals 9%, furniture 7%, vehicles and parts 5%, food products and beverages 4%, textiles 4%, plastics 3% |
Exports - partners:
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Finland 18.5%, Sweden 17%, Russia 10.4%, Latvia 9.8%, Germany 5.7%, Lithuania 5.3% (2010) |
Imports:
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$16.24 billion (2011 est.)
$11.94 billion (2010 est.) |
Imports per capita:
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12,659 USD per capita |
Imports - commodities:
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machinery and electrical equipment 22%, mineral fuels 18%, chemical products 3%, foodstuffs 6%, plastics 6%, textiles 5% |
Imports - partners:
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Finland 15.7%, Germany 11.9%, Sweden 11.6%, Latvia 11.5%, Lithuania 8.2%, Poland 6.8%, Russia 4.5% (2010) |
Reserves of foreign exchange and gold:
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$319.6 million (31 December 2011 est.)
$2.568 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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250 USD per capita |
Debt - external:
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$25.4 billion (31 December 2011 est.)
$22.03 billion (31 December 2010 est.) |
Debt - external - per capita:
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19,798 USD per capita |
Stock of direct foreign investment - at home:
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$18.39 billion (31 December 2011 est.)
$16.39 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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14,335 USD per capita |
Stock of direct foreign investment - abroad:
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$7.029 billion (31 December 2011 est.)
$6.029 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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5,479 USD per capita |
Market value of publicly traded shares:
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$2.26 billion (31 December 2010)
$2.654 billion (31 December 2009)
$1.951 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,762 USD per capita |
Currency (code):
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Estonian kroon (EEK) |
Exchange rates:
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kroon (EEK) per US dollar -
0.71 (2011 est.)
0.75 (2010 est.)
11.23 (2009)
10.7 (2008)
11.535 (2007) |
Fiscal year:
|
calendar year |
|
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