Estonia Economy: from the All Country Info reference guide to country facts

Estonia Economy

Estonia Economy: A summary of information about Estonia Economy, from government research data as well as independent research and other sources.

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Estonia: Economy

Economy - overview
In 1999, Estonia experienced its worst year
economically since it regained independence in 1991 largely because of
the impact of the August 1998 Russian financial crisis. Estonia joined
the WTO in November 1999 - the second Baltic state to join - and
continued its EU accession talks. GDP is forecast to grow 4% in 2000.
Privatization of energy, telecommunications, railways, and other
state-owned companies will continue in 2000. Estonia expects to
complete its preparations for EU membership by the end of 2002.
GDP
purchasing power parity - $7.9 billion (1999 est.)
GDP - real growth rate
-0.5% (1999 est.)
GDP - per capita
purchasing power parity - $5,600 (1999 est.)
GDP - composition by sector
agriculture: 3.6%
industry: 30.7%
services: 65.7% (1999)
Population below poverty line
6.3% (1994 est.)
Household income or consumption by percentage share
lowest 10%: 3.2%
highest 10%: 28.5% (1996)
Inflation rate (consumer prices)
3.7% (1999 est.)
Labor force
785,500 (1999 est.)
Labor force - by occupation
industry 20%, agriculture and forestry
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
3% (1996 est.)
Electricity - production
8.742 billion kWh (1998)
Electricity - production by source
fossil fuel: 99.98%
hydro: 0.02%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
7.58 billion kWh (1998)
Electricity - exports
700 million kWh (1998)
Electricity - imports
150 million kWh (1998)
Agriculture - products
potatoes, fruits, vegetables; livestock and
dairy products; fish
Exports
$2.5 billion (f.o.b., 1999)
Exports - commodities
machinery and appliances 19%, wood products
15%, textiles 13%, food products 12%, metals 10%, chemical products 8%
(1999)
Exports - partners
Sweden 19.3%, Finland 18.8%, Russia 8.8%, Latvia
8.8%, Germany 7.3%, US 2.5% (1999)
Imports
$3.4 billion (f.o.b., 1999)
Imports - commodities
machinery and appliances 26%, foodstuffs 15%,
chemical products 10%, metal products 9%, textiles 8% (1999)
Imports - partners
Finland 23%, Russia 13.2%, Sweden 10%, Germany
9.1%, US 4.7 (1999)
Debt - external
$270 million (January 1996)
Economic aid - recipient
$137.3 million (1995)
Currency
1 Estonian kroon (EEK) = 100 sents
Exchange rates
krooni (EEK) per US$1 - 15.417 (January 2000), 4.678
(1999), 14.075 (1998), 13.882 (1997), 12.034 (1996), 11.465 (1995);
note - krooni are tied to the German deutsche mark at a fixed rate of
8 to 1
Fiscal year
calendar year
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