Economy of Estonia
Currency | Euro (EUR, €) |
---|---|
Calendar year | |
Trade organisations | EU, WTO and OECD |
Country group | |
Statistics | |
Population | 1,340,068 (1 January 2021)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
9.7% (2023)[4] | |
Population below poverty line | |
30.5 medium (2019, Eurostat)[8] | |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | €1,981 (US$ 2,119) monthly (June, 2023) |
€1,577 (US$1,687) monthly (June, 2023) | |
Main industries | engineering, electronics, wood and articles of wood, textiles, information technology, telecommunications |
External | |
Exports | €14.4 billion (2018)[15] |
Export goods | Electrical equipment, wood and articles of wood, mineral products, agriculture products, mechanical appliances |
Main export partners | |
Imports | €16.2 billion (2018)[15] |
Import goods | Electrical equipment, transport equipment, agricultural products, mineral products, mechanical appliances |
Main import partners | |
FDI stock | |
$809 million (2017 est.)[5] | |
Gross external debt | $19.05 billion (31 December 2016 est.)[5] |
Public finances | |
Revenues | 38.7% of GDP (2019)[16] |
Expenses | 39.0% of GDP (2019)[16] |
Economic aid |
|
| |
$345 million (31 December 2017 est.)[5] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Estonia is rated
Historically, Estonia's economy was agricultural, moderinising significantly
After Estonia
For Estonia, the 2007–2008 financial crisis was easier to weather, because its budget has consistently been kept balanced, and this meant public debt relative to GDP remained the lowest in Europe. The economy recovered in 2010.[25] In January 2011, Estonia adopted the euro, and became the first ex-Soviet republic to join the eurozone.[26] Estonia has demonstrated resilience, with a strong service sector, particularly in IT due to the Tiigrihüpe project, and advanced e-government services. Estonia's commitment to a circular economy, innovation and its success in maintaining a balanced budget, low public debt, and a competitive tax system have positioned it as a model of economic reform and growth in post-Soviet Europe.
History
Early history
Until the early 13th century, the territory that is now known as Estonia was independent. The economy was largely an agricultural one, but Estonia being a country with a long coastline, there were also many maritime activities. Autonomous development was brought to an end by the Northern Crusades undertaken by the King of Denmark, the German Livonian and the Teutonic military orders. The Estonian world was transformed by military conquest. The war against the invaders lasted from 1208 to 1227. The last Estonian county to fall was the island of Saaremaa in 1261.[27]
Thereafter, through many centuries until
Independence
After declaring independence in 1918, the
Soviet occupation
The USSR's forcible annexation of Estonia in 1940 and the ensuing Nazi and Soviet destruction during World War II crippled the Estonian economy. Post-war Soviet occupation and Sovietisation of life continued with the integration of Estonia's economy and industry into the USSR's centrally planned structure. More than 56% of Estonian farms were collectivised in the month of April 1949 alone after mass deportations to Siberia the previous month. Moscow expanded on those Estonian industries which had locally available raw materials, such as oil shale mining and phosphorites.
Restoration of independence, modernisation and liberalisation
After Estonia restored its independence in 1991 and became a market economy, it emerged as a pioneer in the global economy. Estonia styled itself as a bridge between East and West, adopting significant economic reforms and technological innovations.
In June 1992, Estonia replaced the ruble with its own freely convertible currency, the kroon. A currency board was created and the new currency was pegged to the German Mark at the rate of 8 Estonian kroons per Deutsche Mark. When Germany introduced the euro the peg was changed to 15.6 kroons per euro.
In 1994, it became the first country in the world to adopt a flat tax, with a rate of 26% regardless of personal income.[28] Between 2005-2008, this was reduced to 21% over several steps.[23]
In early 1992, both liquidity problems and structural weakness stemming from the communist era precipitated a banking crisis. As a result, effective bankruptcy legislation was enacted and privately owned; well-managed banks emerged as market leaders.[
From the early 2000s to the latter part of that decade, the economy experienced considerable growth. In 2000, Estonian GDP grew by 6.4%. After accession to the European Union in 2004, double-digit growth was soon observed. GDP grew by 8% in 2007 alone. Increases in labor costs, the imposition of tax on tobacco, alcohol, electricity, fuel, gas, and other external pressures (growing prices of oil and food on the global market) inflated prices in 2009.[citation needed]
2008 financial crisis, response and recovery
The
After a long period of very high growth of GDP, the GDP of Estonia decreased. In the first quarter 2008, GDP grew only 0.1%, and then decreased: negative growth was −1.4% in the 2nd quarter, a little over −3% (on a year-to-year basis) in the 3rd quarter, and −9.4% in the 4th quarter of that year.[29]
The government made a supplementary negative budget, which was passed by the Riigikogu. The revenue of the budget was decreased for 2008 by EEK 6.1 billion and the expenditure by EEK 3.2 billion.[30] A current account-deficit was extant, but began to shrink in late 2008. In 2009, the economy further contracted by 15% in the first quarter.[29] Low domestic and foreign demand depressed the economy's overall output.[31] The economy's 34% industrial production drop was the sharpest decrease in industrial production in the European Union.[32] Estonia was one of the five worst-performing economies in the world in terms of annual growth,[33] and had one of the hightest rates of unemployment in the EU, which rose from 4% in May 2008 to 16% in May 2009.[34]
In July 2009, the value-added tax was increased from 18% to 20%.[35] The recorded budget deficit for 2009 was just 1.7% of GDP.[25] The result was, that Estonia was one of only five EU countries in 2009 that met the Maastricht criteria for debt and deficit, and had the third-lowest deficit after Luxembourg and Sweden; Estonia did not ask for support from the IMF. Despite the third-largest drop in GDP, the country had the lowest budget deficit and lowest public debt among Central and Eastern European countries. In 2009, the Estonian economy began to rebound, and economic growth resumed in the second half of 2010. The country's unemployment rate dropped significantly to pre-recession levels.[36] To top it off, Estonia was granted permission in 2010 to join the eurozone in 2011.[25]
Joining the euro
Before joining the eurozone, the Estonian kroon had been pegged to the euro at a rate of 15.64664 EEK to one euro; before then, the kroon was pegged to the German mark at approximately 8 EEK to 1 DEM.
The design of Estonian euro coins was finalized in late 2004.[37] Estonia's journey towards the euro took longer than originally projected, owing to the inflation rate continually being above the required 3% before 2010,[38] which prevented the country from fulfilling the entry criteria. The country originally planned to adopt the euro on 1 January 2007 and officially changed its target date twice: first to 1 January 2008, and later to 1 January 2011.[26]
On 12 May 2010, the European Commission announced that Estonia had met all criteria to join the eurozone.[39] On 8 June 2010, EU finance ministers.[40] In July 2010, Estonia received the final approval from ECOFIN to adopt the euro onwards from 1 January 2011; on that date Estonia became the 17th eurozone member state and circulated alongside the kroon until 14 January 2011.[41] With that, Estonia became one of the first post-Soviet states to join the eurozone.[26]
In August 2011,
The Estonian economy was hit by the COVID-19 recession before bouncing back with an 8.6% rise in GDP in 2021,[45] this was followed by the economic effect of the Russian invasion of Ukraine in February 2022 resulting in a fall in GDP of 1.3% in 2022 and high inflation which hit 24% [46] before falling to single digits in 2023.
The economy today
"Since reestablishing independence, Estonia has styled itself as the gateway between East and West and pursued economic reform and integration with the West."
The
In 2013, the average monthly gross wage in Estonia was €980 (US$1,330).[52] This figure has grown consistently to €1,600 (US$1,900) as of 2021.[53]
Projections and circular economy
In 2011, according to projections made by CEPII[54] by 2050, Estonia could become the most productive country in the EU, after Luxembourg, and so join the top five most productive nations in the world.[55]
According to the
Employment participation
Estonia has around 600,000 employees, yet the country has a shortage of skilled labor, and since skill shortages are experienced everywhere in Europe, the government has increased working visa quota for non-EEA citizens, although it has nevertheless been criticized for being inadequate for addressing the shortages.
The
After the recession, the unemployment rate went lower, and throughout 2015 and 2016, the rate stayed near the levels that preceded the economic downturn, staying at just above 6%.[61] In 2020-2023 the unemployment rate moved around between 5.2% and 7.7%.[62]
Sectors
The Estonian service sector employs over 60% of workforce. Estonia has a strong information technology (IT) sector, partly due to the Tiigrihüpe project undertaken in mid-1990s, and has been mentioned as the most "wired" and advanced country in Europe in the terms of e-government.[63][64]
Farming, which had been forcibly
The
Estonian productivity is experiencing rapid growth, and consequently wages are also rising quickly, with a rise in private consumption of about 8% in 2005. According to Estonian Institute of Economic Research, the largest contributors to GDP growth in 2005 were processing industry, financial intermediation, retailing and wholesale trade, transport and communications.[70]
Agriculture
Estonia produced in 2018:
- 450 thousand tons of wheat;
- 347 thousand tons of barley;
- 113 thousand tons of rapeseed;
- 88 thousand tons of potato;
- 78 thousand tons of oat;
- 53 thousand tons of pea;
- 29 thousand tons of rye;
In addition to smaller productions of other agricultural products.[71]
Largest companies by revenue
|
Largest companies by profit
|
In 2022, the sector with the highest number of companies registered in Estonia is Services with 144,514 companies followed by Finance, Insurance, and Real Estate and Retail Trade with 47,001 and 26,635 companies respectively.[73]
Infrastructure
Railway transport dominates the cargo sector, comprising 70% of all carried goods, domestic and international. Road transport is the one that prevails in the passenger sector, accounting for over 90% of all transported passengers. 5 major cargo ports offer easy navigational access, deep waters, and good ice conditions. There are 12 airports and 1
Approximately 7.5% of the country's workforce is employed in transportation and the sector contributes over 10% of GDP. Estonia is getting much business from traffic between European Union and Russia, especially oil cargo through Estonian ports. Transit trade's share of GDP is disputed, but many agree that Russia's increased hostility is decreasing the share.[75][76]
Instead of coal, electricity is generated by burning oil shale, with largest stations in Narva. Oil shale supplies around 70% of the country's primary energy. Other energy sources are natural gas imported from Russia, wood, motor fuels, and fuel oils.[77]
Estonia has high Internet penetration, and connections are available throughout most of the country.
Trade
Country | Export | Import |
---|---|---|
Finland | 16% | 14% |
Sweden | 19% | 8% |
Latvia | 10% | 9% |
Russia | 8% | 8% |
Lithuania | 6% | 9% |
Germany | 5% | 11% |
Netherlands | 4% | 8% |
Estonia exports machinery and equipment (33% of all exports annually), wood and paper (15% of all exports annually), textiles (14% of all exports annually), food products (8% of all exports annually), furniture (7% of all exports annually), and metals and
Natural resources
Resource | Location | Reserves |
---|---|---|
Oil shale | north-east | 1,137,700,000 mln t |
Sea mud (medical) | south | 1,356,400,000 mln t |
Construction sand | across the country | 166,700,000 mln m3 |
Construction gravel | north | 32,800,000 mln m3 |
Lake mud (medical) | across the country | 1,133,300 mln t |
Lake mud (fertilizer) | east | 170,900 t |
Ceramic clay | across the country | 10,600,000 mln m3 |
Ceramsid clay (for gravel) | across the country | 2,600,000 mln m3 |
Technological dolomite | west | 16,600,000 mln m3 |
Technological limestone | north | 13,800,000 mln m3 |
Decoration dolomite | west | 2,900,000 mln m3 |
Construction dolomite | west | 32,900,000 mln m3 |
Blue clay | across the country | 2,044,000 mln t |
Granite | across the country | 1,245,100,000 mln m3 |
Peat | across the country | 230,300,000 mln t |
Construction limestone | north | 110,300,000 mln m3 |
Limestone cement | north | 9,400,000 mln m3 |
Clay cement | north | 15,6000,000 mln m3 |
Graptolitic argillite[81] | north | 64,000,000,000 mln t |
Wood | across the country | 15,6000,000 mln m3 |
Technological sand | north | 3,300,000 mln m3 |
Lake lime |
north and south | 808,000 t |
Phosphorite | north | over 350,000,000 mln t (estimated) |
Subsoil | across the country | 21,1 km3 |
Data
The following table shows the main economic indicators in 1993–2018.[82]
Year | GDP (in Bil. US$ PPP) |
GDP per capita (in US$ PPP) |
GDP
(in Bil. US$ nominal) |
GDP growth (real) |
Inflation rate (in Percent) |
Unemployment (in Percent) |
Government debt (in % of GDP) |
---|---|---|---|---|---|---|---|
1993 | 11.2 | 7,338 | 1.8 | n/a | 6.5% | n/a | |
1994 | 11.3 | 2.5 | n/a | ||||
1995 | 11.7 | 8,022 | 3.9 | 2.2% | 29.0% | 9.6% | 9% |
1996 | 12.5 | 4.8 | |||||
1997 | 14.4 | 5.2 | |||||
1998 | 15.2 | 5.6 | |||||
1999 | 15.3 | 5.7 | |||||
2000 | 17.3 | 12,113 | 5.7 | 10.6% | 3.9% | 14.6% | 5% |
2001 | 18.8 | 6.3 | |||||
2002 | 20.3 | 7.4 | |||||
2003 | 22.3 | 9.9 | |||||
2004 | 24.5 | 12.2 | |||||
2005 | 27.7 | 19,765 | 14.1 | 9.4% | 4.1% | 8.0% | 5% |
2006 | 31.3 | 22,600 | 17.1 | 10.3% | 4.4% | 5.9% | 4% |
2007 | 34.6 | 25,144 | 22.5 | 7.7% | 6.7% | 4.6% | 4% |
2008 | 33.4 | 24,328 | 24.4 | −5.4% | 10.6% | 5.5% | 4% |
2009 | 28.7 | 20,946 | 19.7 | −14.7% | 0.2% | 13.5% | 7% |
2010 | 29.8 | 21,721 | 19.6 | 2.3% | 2.7% | 16.7% | 7% |
2011 | 32.6 | 23,919 | 23.2 | 7.6% | 5.1% | 13.2% | 6% |
2012 | 34.4 | 25,494 | 23.0 | 4.3% | 4.2% | 10.0% | 10% |
2013 | 36.2 | 26,508 | 25.1 | 1.9% | 3.2% | 8.6% | 10% |
2014 | 38.1 | 27,856 | 26.6 | 2.9% | 0.5% | 7.4% | 11% |
2015 | 38.4 | 28,685 | 22.9 | 1.7% | 0.1% | 6.2% | 10% |
2016 | 41.2 | 29,684 | 24.1 | 2.1% | 0.9% | 6.8% | 9% |
2017 | 44.7 | 31,750 | 26.9 | 4.9% | 3.7% | 5.8% | 9% |
2018 | 47.5 | 30.6 | |||||
2019 | 50.3 | 31.3 |
Gross domestic product by country[83]
GDP per capita, euros | |
---|---|
County | 2020 |
Whole country | 20184 |
Harju county | 28927 |
..Tallinn | 33563 |
Hiiu county | 8072 |
Ida-Viru county | 11665 |
Jõgeva county | 9294 |
Järva county | 12609 |
Lääne county | 10313 |
Lääne-Viru county | 12966 |
Põlva county | 7757 |
Pärnu county | 11883 |
Rapla county | 9540 |
Saare county | 11712 |
Tartu county | 19280 |
..Tartu city | 22326 |
Valga county | 7981 |
Viljandi county | 12387 |
Võru county | 8496 |
See also
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