Estonia

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Estonia - In Short.

Overview of Estonia

After centuries of Danish, Swedish, German, and Russian rule, Estonia attained independence in 1918. Forcibly incorporated into the USSR in 1940 – an action never recognized by the US and many other countries – it regained its freedom in 1991 with the collapse of the Soviet Union. Since the last Russian troops left in 1994, Estonia has been free to promote economic and political ties with the West. It joined both NATO and the EU in the spring of 2004, formally joined the OECD in late 2010, and adopted the euro as its official currency on 1 January 2011.
Value
Country Full Name
Estonia
Country Code
EST
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
30650285472
Population
1329479
Land Area
43470
Net National Income Per Capita
19404.06841
GDP per Capita (PPP)
37645.22136

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Estonia - Economic

Economy of Estonia

Estonia, a member of the EU since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia’s successive governments have pursued a free market, pro-business economic agenda, and sound fiscal policies that have resulted in balanced budgets and the lowest debt-to-GDP ratio in the EU.The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia. The economy’s 4.9% GDP growth in 2017 was the fastest in the past six years, leaving the Estonian economy in its best position since the financial crisis 10 years ago. For the first time in many years, labor productivity increased faster than labor costs in 2017. Inflation also rose in 2017 to 3.5% alongside increased global prices for food and energy, which make up a large share of Estonia’s consumption.Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers, and wage growth that outpaces productivity gains. The government is also pursuing efforts to boost productivity growth with a focus on innovations that emphasize technology start-ups and e-commerce.

Unemployment Rate

Inflation Rate

Estonia - GDP Composition

GDP Composiiton & Value Added of Estonia

Last Updated: Jan, 2021, Updated For 2020.

Estonia - GDP, Value Added

Demographics of Estonia

a fairly even distribution throughout most of the country, with urban areas attracting larger and denser populations
Geographic Location

Eastern Europe, bordering the Baltic Sea and Gulf of Finland, between Latvia and Russia

Races

Estonian 68.7%, Russian 24.8%, Ukrainian 1.7%, Belarusian 1%, Finn 0.6%, other 1.6%, unspecified 1.6% (2011 est.)

Languages

Estonian (official) 68.5%, Russian 29.6%, Ukrainian 0.6%, other 1.2%, unspecified 0.1% (2011 est.)

Religion

Orthodox 16.2%, Lutheran 9.9%, other Christian (including Methodist, Seventh Day Adventist, Roman Catholic, Pentecostal) 2.2%, other 0.9%, none 54.1%, unspecified 16.7% (2011 est.)

Dependency & Expectancy of Estonia

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Estonia - Social Media Briefing

Estonia - Social Media & Social Commerce

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Politics & Policies of Estonia

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

Australia Group, BA, BIS, CBSS, CD, CE, EAPC, EBRD, ECB, EIB, EMU, ESA (cooperating state), EU, FAO, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NATO, NIB, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNTSO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Estonia

Export of Estonia

Import Destination

Export Destination