A town in Estonia

Estonia Economy

Estonia's economy in numbers:

Nominal GDP of USD 37.9 billion in 2022.

GDP per capita of USD 28,059 compared to the global average of USD 10,589.

Average real GDP growth of 2.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 75% of overall GDP, manufacturing 13%, other industrial activity 10%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 48% of GDP in 2021, government consumption 20%, fixed investment 31%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 70% of total merchandise exports, mineral fuels 7%, food 9%, ores and metals 3% and agricultural raw materials 8%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 16%, food 9%, ores and metals 2% and agricultural raw materials 4%, with other goods accounting for 5% of the total. Total exports were worth USD 21 billion in 2022, while total imports were USD 24 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.9% in the decade to 2022. To read more about GDP growth in Estonia, go to our dedicated page.

Fiscal policy:

Estonia's fiscal deficit averaged 0.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.7% in the decade to 2022. For more information on Estonia's unemployment click here.

Inflation:

Inflation averaged 3.8% in the decade to 2022. Go to our Estonia inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Estonia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Following six consecutive quarters of decline, the economy likely shrank less in Q1 2024 year on year. In January–February, the industrial sector’s downturn softened compared to Q4 2023 on a sharp rebound in mining in February. Moreover, Q1’s average inflation remained at the joint-lowest rate since Q2 2021, and economic sentiment grew less pessimistic on an improving outlook in the services sector. Meanwhile, merchandise exports fell by less in January–February than in Q4 2023. Less positively, retail sales swung into contraction in the same two-month period, likely dented by a spike in the unemployment rate and still-tight monetary conditions. In other news, Estonia’s head of defense stated recently that military spending would need to double over the next two years to counter the threat of a Russian invasion. However, higher tax receipts will keep the fiscal deficit in check this year.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 16 expert analysts.

Want to get insight on the economic outlook for Estonia in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Estonia from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Estonia economy. To download a sample report on the Estonia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Estonia Economic Data

2018 2019 2020 2021 2022
Population (million) 1.3 1.3 1.3 1.3 1.3
GDP (USD bn) 30.6 31.3 31.3 36.8 37.9
GDP per capita (USD) 23,144 23,577 23,511 27,682 28,059
GDP (EUR bn) 25.9 28.0 27.4 31.2 36.0
GDP per capita (EUR) 19,616 21,063 20,624 23,418 26,695
Economic Growth (Nominal GDP, ann. var. %) 8.8 7.8 -1.9 13.6 15.5
Economic Growth (GDP, ann. var. %) 3.8 4.0 -1.0 7.2 -0.5
Domestic Demand (ann. var. %) 6.1 3.1 3.4 9.7 0.9
Private Consumption (ann. var. %) 4.7 4.6 -1.5 9.3 2.3
Government Consumption (ann. var. %) 1.1 3.2 3.0 3.8 0.1
Fixed Investment (ann. var. %) 10.5 6.2 10.7 7.3 -3.7
Exports (G&S, ann. var. %) 2.9 5.0 -5.5 22.1 3.0
Imports (G&S, ann. var. %) 5.9 3.7 1.3 23.2 3.2
Industrial Production (ann. var. %) 4.8 6.9 -3.0 13.3 1.8
Retail Sales (ann. var. %) 6.7 5.7 -4.3 18.1 18.0
Wages (ann. var. %) 7.6 7.5 2.9 1.7 11.6
Unemployment (% of active population, aop) 5.4 4.5 6.9 6.2 5.6
Fiscal Balance (% of GDP) -0.6 0.1 -5.4 -2.5 -1.0
Public Debt (% of GDP) 8.2 8.5 18.6 17.8 18.5
Money (ann. var. of M2 %) 10.5 9.5 19.4 20.2 1.1
Inflation (CPI, ann. var. %, eop) 3.4 1.8 -0.8 12.2 17.6
Inflation (HICP, ann. var. %, eop) 3.3 1.8 -0.9 12.0 17.5
Inflation (HICP, ann. var. %, aop) 3.4 2.3 -0.6 4.5 19.4
Inflation (PPI, ann. var. %, aop) 2.6 -0.2 -2.4 12.4 26.8
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 0.2 0.7 -0.5 -0.8 -1.2
Current Account Balance (% of GDP) 0.9 2.5 -1.9 -2.6 -3.2
Merchandise Trade Balance (EUR bn) -1.2 -0.9 -0.3 -1.3 -2.6
Merchandise Exports (EUR bn) 12.6 13.3 13.3 16.4 20.1
Merchandise Imports (EUR bn) 13.8 14.2 13.5 17.7 22.7
Merchandise Exports (ann. var. %) 5.3 5.8 -0.4 23.7 22.7
Merchandise Imports (ann. var. %) 7.3 3.1 -4.9 30.5 28.5
Foreign Direct Investment (EUR bn) 1.2 2.7 2.8 -0.7 1.1

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