| Date - Field | Estonia - Economy - overview |
2012 January
Economy - overview | 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 relatively 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 above 17%. Estonia joined the OECD in December 2010 and adopted the euro in January 2011. |
2011 January
Economy - overview | 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 pursued relatively 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 15% in 2009, among the world's highest rates of contraction. A modest recovery began in 2010, but unemployment stands above 13%. Estonia adopted the euro in January 2011. |
2010 January
Economy - overview | Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. Estonia's successive governments have pursued a free market, pro-business economic agenda and have wavered little in their commitment to pro-market reforms. Tallinn's priority has been to sustain high growth rates - on average 8% per year from 2003 to 2007. 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. Rapid growth, however, has made it difficult to keep inflation and large current-account deficits from soaring, putting downward pressure on the country's currency. The government has not given up on adopting the euro, but has repeatedly postponed its target date. 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. |
2009 January
Economy - overview | Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. Estonia's successive governments have pursued a free market, probusiness economic agenda and have wavered little in their commitment to promarket reforms. Tallin's priority has been to sustain high growth rates - on average 8% over the last four years. 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. Rapid growth, however, had made it difficult to keep inflation and large current-account deficits from soaring, putting downward pressure on the country's currency. The government has not given up on joining the euro, but has repeatedly postponed its euro adoption target. Estonia's economy slowed down markedly and even fell into recession in mid-2008, primarily as a result of an investment and consumption slump following the real estate market bubble burst. |
2008 January
Economy - overview | Estonia, 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 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. |
2007 January
Economy - overview | Estonia, as a new member of the World Trade Organization and the European Union, has transitioned effectively to a modern market economy with strong ties to the West, including the pegging of its currency to the euro. The economy benefits from strong electronics and telecommunications sectors and is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The current account deficit remains high; however, the state budget is essentially in balance, and public debt is low. |
2006 January
Economy - overview | Estonia, as a new member of the World Trade Organization and the European Union, has transitioned effectively to a modern market economy with strong ties to the West, including the pegging of its currency to the euro. The economy benefits from strong electronics and telecommunications sectors and is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The current account deficit remains high; however, the state budget enjoyed a surplus of $130 million in 2003. |
2005 January
Economy - overview | Estonia, as a new member of the World Trade Organization and the European Union, has transitioned effectively to a modern market economy with strong ties to the West, including the pegging of its currency to the euro. The economy benefits from strong electronics and telecommunications sectors and is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The current account deficit remains high; however, the state budget enjoyed a surplus of $130 million in 2003. |
2004 January
Economy - overview | Estonia, as a new member of the World Trade Organization, is steadily moving toward a modern market economy with increasing ties to the West, including the pegging of its currency to the euro. The economy benefits from strong electronics and telecommunications sectors. Estonia has been invited to join the European Union and will do so in May 2004. The economy is greatly influenced by developments in Finland, Sweden, Russia, and Germany, four major trading partners. The high current account deficit remains a concern. However, the state budget enjoyed a surplus of $130 million in 2003. |
2003 January
Economy - overview | Estonia, as a new member of the World Trade Organization, is steadily moving toward a modern market economy with increasing ties to the West, including the pegging of its currency to the euro. A major goal is accession to the EU, possibly by 2004. The state of the economy is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The high current account deficit remains a concern. |
2002 January
Economy - overview | Estonia, as a new member of the World Trade Organization, is steadily moving toward a modern market economy with increasing ties to the West, including the pegging of its currency to the euro. A major goal is accession to the EU, possibly by 2004. The state of the economy is greatly influenced by developments in Finland and Sweden, two major trading partners. |
2001 January
Economy - overview | In 2000, Estonia rebounded from the Russian financial crisis by scaling back its budget and reorienting trade away from Russian markets into EU member states. After GDP shrank 1.1% in 1999, the economy made a strong recovery in 2000, with growth estimated at 6.4% - the highest in Central and Eastern Europe. Estonia joined the World Trade Organization in November 1999 - the second Baltic state to join - and continues its EU accession talks. For 2001, Estonians predict GDP to grow around 6%, inflation of between 4.2%-5.3%, and a balanced budget. Substantial gains were made in completing privatization of Estonia's few remaining large, state-owned companies in 2000, and this momentum is expected to continue in 2001. Estonia hopes to join the EU during the next round of enlargement tentatively set for 2004. |
2000 January
Economy - overview | In 1999, Estonia experienced its worst year economically since it regained independence in 1991 largely because of the impact of the August 1998 Russian financial crisis. Estonia joined the WTO in November 1999 - the second Baltic state to join - and continued its EU accession talks. GDP is forecast to grow 4% in 2000. Privatization of energy, telecommunications, railways, and other state-owned companies will continue in 2000. Estonia expects to complete its preparations for EU membership by the end of 2002. |
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This page was last updated on 5 February, 2012 |
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