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Travel & Tourism . Tourist Guide to the Country

Estonia Economy

Estonia    Economy Top of Page
Economy - overview: In 2000, Estonia rebounded from the Russian financial crisis by scaling back its budget and reorienting trade away from Russian markets into EU member states. After GDP shrank 1.1% in 1999, the economy made a strong recovery in 2000, with growth estimated at 6.4% - the highest in Central and Eastern Europe. Estonia joined the World Trade Organization in November 1999 - the second Baltic state to join - and continues its EU accession talks. For 2001, Estonians predict GDP to grow around 6%, inflation of between 4.2%-5.3%, and a balanced budget. Substantial gains were made in completing privatization of Estonia's few remaining large, state-owned companies in 2000, and this momentum is expected to continue in 2001. Estonia hopes to join the EU during the next round of enlargement tentatively set for 2004.
GDP: purchasing power parity - $14.7 billion (2000 est.)
GDP - real growth rate: 6.4% (2000 est.)
GDP - per capita: purchasing power parity - $10,000 (2000 est.)
GDP - composition by sector: agriculture:  3.6%

industry:  30.7%

services:  65.7% (1999)
Population below poverty line: 8.9% (1995 est.)
Household income or consumption by percentage share: lowest 10%:  3.2%

highest 10%:  28.5% (1996)
Inflation rate (consumer prices): 4.1% (1999 est.)
Labor force: 785,500 (1999 est.)
Labor force - by occupation: industry 20%, agriculture 11%, services 69% (1999 est.)
Unemployment rate: 11.7% (1999 est.)
Budget: revenues:  $1.37 billion

expenditures:  $1.37 billion, including capital expenditures of $NA (1997 est.)
Industries: oil shale, shipbuilding, phosphates, electric motors, excavators, cement, furniture, clothing, textiles, paper, shoes, apparel
Industrial production growth rate: 5% (2000 est.)
Electricity - production: 7.782 billion kWh (1999)
Electricity - production by source: fossil fuel:  99.72%

hydro:  0.09%

nuclear:  0%

other:  0.19% (1999)
Electricity - consumption: 6.807 billion kWh (1999)
Electricity - exports: 530 million kWh (1999)
Electricity - imports: 100 million kWh (1999)
Agriculture - products: potatoes, fruits, vegetables; livestock and dairy products; fish
Exports: $3.1 billion (f.o.b., 2000)
Exports - commodities: machinery and equipment 24%, wood products 20%, textiles 17%, food products 9%, metals, chemical products (1999)
Exports - partners: Finland 19.4%, Sweden 18.8%, Russia 9.2%, Latvia 8.7%, Germany 7.5%, US 2.5% (1999)
Imports: $4 billion (f.o.b., 2000)
Imports - commodities: machinery and equipment 31%, chemical products 13%, foodstuffs 11%, metal products 8%, textiles 8% (1999)
Imports - partners: Finland 22.8%, Russia 13.5%, Sweden 9.3%, Germany 9.3%, Japan 4.7% (1999)
Debt - external: $1.6 billion (2000 est.)
Economic aid - recipient: $137.3 million (1995)
Currency: Estonian kroon (EEK)
Currency code: EEK
Exchange rates: krooni per US dollar - 16.663 (January 2001), 16.969 (2000), 14.678 (1999), 14.075 (1998), 13.882 (1997), 12.034 (1996); note - krooni are tied to the German deutsche mark at a fixed rate of 8 to 1
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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