Estonia's Macroeconomic Analysis:
Nominal GDP of USD 37.9 billion in 2022.
Nominal GDP of USD 41.3 billion in 2023.
GDP per capita of USD 30,221 compared to the global average of USD 10,589.
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.
Average real GDP growth of 2.2% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Estonia
According to a flash release, the economy remained in the doldrums in Q3, declining 0.7% year on year. The contraction was smaller than Q2’s 1.3% drop but disappointed markets, which had expected a rebound. Absent any data breakdown, deteriorations in industrial output and retail sales during the quarter point to weak domestic momentum. On the other hand, goods exports recovered in Q3 after five consecutive quarters of decline, suggesting the external sector provided a tailwind to the economy. Turning to Q4, economic activity is likely remaining subdued. In October, inflation rose to a nine-month high, and economic sentiment deteriorated from Q3’s average due to weaker sentiment in the construction and industrial sectors plus rising consumer pessimism. That said, the ECB’s monetary policy loosening cycle should be aiding momentum.Estonia Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 17 expert analysts.
Want to get insight on the economic outlook for Estonia in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Estonia from a panel of 17 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.