Estonia - Economy
How is the economy of Estonia? Based on the information we have, Estonia has a advanced, service-based EU and eurozone economy; economic downturn due to inflation, trade, and energy impacts of Ukraine war; decline in intra-EU trade; low public debt relative to EU members; recovery depends on improving private investment and productivity rates. Key agricultural products in this country include: wheat, milk, barley, rapeseed, oats, peas, potatoes, rye, pork, beans (2022).
More about the economy of Estonia
| Labor force | 757,000 (2023 est.) |
|---|---|
| Industrial production growth rate | -10.02% (2023 est.) |
| Industries | food, engineering, electronics, wood and wood products, textiles; information technology, telecommunications |
| Population below poverty line | 22.5% (2022 est.) |
| Taxes and other revenues | 20.76% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $2.593 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.217 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.371 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$722.668 million (2023 est.) |
| Current account balance 2022 | -$1.496 billion (2022 est.) |
| Current account balance 2021 | -$1.387 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 24.9% of GDP (2022 est.) |
| Budget | |
| Revenues | $13.907 billion (2022 est.) |
| Expenditures | $13.505 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.18% of GDP (2023 est.) |
| Remittances 2022 | 1.22% of GDP (2022 est.) |
| Remittances 2021 | 1.59% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2021 est.) |
| Highest 10% | 24.3% (2021 est.) |
| Average household expenditures | |
| On food | 18.7% of household expenditures (2022 est.) |
| On alcohol and tobacco | 7.8% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $31.796 billion (2023 est.) |
| Imports 2022 | $33.655 billion (2022 est.) |
| Imports 2021 | $30.054 billion (2021 est.) |
| Imports (partners) | Finland 13%, Germany 10%, Lithuania 8%, Latvia 8%, Russia 8% (2022) |
| Comodities Imports force | refined petroleum, cars, electricity, natural gas, coal tar oil (2022) |
| Exports | |
| Imports 2023 | $31.796 billion (2023 est.) |
| Imports 2022 | $33.655 billion (2022 est.) |
| Imports 2021 | $30.054 billion (2021 est.) |
| Exports (partners) | Finland 13%, Latvia 12%, Sweden 8%, Lithuania 7%, Russia 6% (2022) |
| Comodities Exports force | electricity, broadcasting equipment, refined petroleum, wood, coal tar oil (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $58.199 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $60.013 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $59.977 billion (2021 est.) |
| GDP (official exchange rate) | $41.291 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $42,500 (2023 est.) |
| Real GDP per capita 2022 | $44,500 (2022 est.) |
| Real GDP per capita 2021 | $45,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.9% (2023 est.) |
| Industry | 21.7% (2023 est.) |
| Services | 64.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 52.3% (2023 est.) |
| Government consumption | 20.6% (2023 est.) |
| Investment in fixed capital | 27.9% (2023 est.) |
| Investment in inventories | -0.2% (2023 est.) |
| Exports of goods and services | 77.9% (2023 est.) |
| Imports of goods and services | -77% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.35% (2023 est.) |
| Unemployment rate 2022 | 5.57% (2022 est.) |
| Unemployment rate 2021 | 6.18% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 17.1% (2023 est.) |
| Male | 18.2% (2023 est.) |
| Female | 16% (2023 est.) |
All Important Facts about Estonia
Want to know more about Estonia? Check all different factbooks for Estonia below.
