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About Estonia and Key Financial Statistics
Overview of Economy:
Estonia, a member of the European Union 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. 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 low public debt. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. Estonia's economy fell into recession in mid-2008, as a result of an investment and consumption slump following the bursting of the real estate market bubble and a decrease in export demand as result of economic slowdown in the rest of Europe, but the economy recovered strongly in the five years up to 2014. Growth fell below 2% in 2014 as a consequence of weak EU and Russian growth. Estonia is challenged by a shortage of labor, both skilled and unskilled, and the government has amended its immigration law to allow easier hiring of highly qualified foreign workers.
Gross Domestic Product (In USD):
$36.78 billion (2014 est.)
$35.75 billion (2013 est.)
$35.19 billion (2012 est.)
Composition of Gross Domestic Product:
% Agricuture: 3.7
% Industry: 28.2
% Services: 68.2
Composition of Labor Force by Occupation:
% Agriculture: 3.9
% Industry: 28.4
% Services: 67.7
Per Capita Income:
$27,900 (2014 est.)
$27,100 (2013 est.)
$26,700 (2012 est.)
Exports:
$14.96 billion (2014 est.)
$15.22 billion (2013 est.)
Key Export Commodities:
machinery and electrical equipment 29%, food products and beverages 16%, mineral fuels 11%, wood and wood products 9%, metals 7%, furniture 7%, vehicles and parts 5%, textiles 4%, chemicals 5% (2014 est.)
Export Partners:
Sweden 18.5%, Finland 15.8%, Latvia 11.1%, Russia 10%, Lithuania 5.5%, Germany 5% (2014)
Imports:
$16.39 billion (2014 est.)
$16.55 billion (2013 est.)
Key Import Commodities:
machinery and electrical equipment 28 %, mineral fuels 13%, food and food products 10%, chemical products 8%, metals 8%, plastics 5% (2014 est.)
Import Partners:
Finland 15.5%, Germany 11.9%, Sweden 9.1%, Latvia 8.6%, Lithuania 8%, Poland 7.8%, Netherlands 5.6%, Russia 4.7%, China 4.5% (2014)
Inflation Rate (Consumer Price Index):
0.5% (2014 est.)
3.2% (2013 est.)
Exchange Rate to USD:
kroon (EEK) per US dollar -
0.7525 (2014 est.)
0.7525 (2013 est.)
0.72 (2011 est.)
11.81 (2010 est.)
Unemployment Rate:
7.3% (2014 est.)
8.6% (2013 est.)
S&P Rating:
Standard & Poor's Ratings:
AAA: The best quality borrowers, reliable and stable
AA: Quality borrowers, a bit higher risk than AAA
A: Economic situation can affect finance
BBB: Medium class borrowers, which are satisfactory at the moment
BB: More prone to changes in the economy
B: Financial situation varies noticeably
CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.
Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings
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