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.
Estonia’s economy likely continued to contract year on year in Q4. Inflation still averaged above pre-pandemic levels and consumer sentiment remained deeply pessimistic, boding ill for private spending; retail sales broadly flatlined in October–November. Moreover, industrial output shrank further in October–November. The external sector likely also remained in the red in Q4, with goods exports contracting heavily in October–November. However, a lower unemployment rate in October–November compared to Q3 should have lifted some pressure off of household budgets. Owing to the prolonged economic downturn and the Central Bank’s estimate that activity will decline again in 2024, in December, the government scrapped its plans to introduce new tax hikes. Authorities will instead cut spending further to cap the impact of surging military expenditure on the fiscal deficit.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 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 15 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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