Estonia - Economic Forecasts - 2018-2020 Outlook

This page has economic forecasts for Estonia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Estonia economy.


Overview Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 1.40 0.7 0.6 0.6 0.6 0.4 percent
Unemployment Rate 5.10 6.9 6 7.2 7.1 5.5 percent
Inflation Rate 3.60 3.2 2.9 2.5 2.4 2.1 percent
Interest Rate 0.00 0 0 0 0 0.75 percent
Balance of Trade -137.05 -70 -210 -210 -170 -70 EUR Million
Government Debt to GDP 9.00 8.9 8.9 8.5 8.5 8.3 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 1.17
 1.16 1.15 1.15 1.14 1.12
Stock Market 1219.94
points		 1212 1204 1195 1187 1153
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 1.40
percent		 0.7 0.6 0.6 0.6 0.4
GDP Annual Growth Rate 3.70
percent		 4.1 3.8 3.2 2.5 2.6
GDP 25.92
USD Billion		 26 26 26.2 26.2 26.9
GDP Constant Prices 5078.95
EUR Million		 4784 5154 4678 5206 5431
Gross Fixed Capital Formation 1302.22
EUR Million		 1121 1373 1003 1335 1446
GDP per capita 18977.39
USD		 18984 18984 18994 18994 19200
GDP per capita PPP 29481.25
USD		 29499 29499 29512 29512 30050
GDP From Agriculture 1.44
EUR Million		 151 162 71.73 1.48 170
GDP From Construction 382.75
EUR Million		 320 293 242 392 309
GDP From Manufacturing 808.11
EUR Million		 678 699 676 828 737
GDP From Mining 67.62
EUR Million		 101 79.58 82.25 69.31 83.85
GDP From Services 57.60
EUR Million		 66.79 60.49 54.91 59.04 63.74
GDP From Transport 414.76
EUR Million		 354 326 336 425 343
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 5.10
percent		 6.9 6 7.2 7.1 5.5
Employed Persons 666.60
Thousand 		660 659 650 651 652
Unemployed Persons 29.86
Thousand 		28.83 29.34 29.57 29.53 29.48
Long Term Unemployment Rate 1.60
percent		 1.59 1.55 1.56 1.59 1.53
Youth Unemployment Rate 10.00
percent		 9.42 10.01 9.76 9.87 9.84
Labour Costs 133.88
Index Points		 132 132 135 135 135
Job Vacancies 5.56
Thousand		 5.08 5.35 5.29 5.3 5.3
Wages 1321.00
EUR/Month		 1300 1350 1330 1373 1500
Wages in Manufacturing 1266.00
EUR/Month		 1200 1240 1220 1266 1450
Wage Growth 6.30
percent		 5.52 5.09 4.24 4.14 5.06
Minimum Wages 500.00
EUR/Month		 500 500 540 526 590
Population 1.32
Million		 1.32 1.32 1.32 1.32 1.33
Retirement Age Women 63.50
 63.5 63.5 63.75 64 64
Retirement Age Men 63.50
 63.5 63.5 63.75 64 64
Labor Force Participation Rate 71.90
percent		 72.29 72.1 71.8 72.08 72.07
Part Time Employment 68.10
Thousand		 61.52 61.57 63.47 63.75 62.74
Productivity 116.10
Index Points		 116 116 111 117 117
Employment Change 1.30
percent		 -0.2 0.5 0.36 0.26 0.5
Employment Rate 68.20
percent		 69.28 68.83 68.16 68.95 69.38
Full Time Employment 551.10
Thousand		 561 560 549 549 552
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 3.60
percent		 3.2 2.9 2.5 2.4 2.1
Inflation Rate Mom 0.50
percent		 0.2 0.3 0.3 0.3 0.6
Harmonised Consumer Prices 109.55
Index Points		 109 108 109 111 114
Consumer Price Index CPI 210.96
Index Points		 210 209 212 215 220
Core Consumer Prices 106.86
Index Points		 106 104 104 107 107
Core Inflation Rate 2.20
percent		 1.24 1.21 1.21 1.21 1.21
GDP Deflator 126.79
Index Points		 129 129 131 132 143
Producer Prices 114.83
Index Points		 115 115 115 116 120
Producer Prices Change 3.40
percent		 3.4 3.3 2.5 2.4 2
Export Prices 340.71
Index Points		 336 336 336 336 336
Import Prices 146.99
Index Points		 147 147 147 147 147
Cpi Housing Utilities 341.69
Index Points		 344 347 350 353 384
CPI Transportation 193.27
Index Points		 188 191 190 196 200
Food Inflation 1.90
percent		 4.5 4 4.3 4.17 5
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 0.00
percent		 0 0 0 0 0.75
Money Supply M1 12848.00
EUR Million		 13087 13394 13664 13922 16052
Money Supply M2 15472.00
EUR Million		 15694 16047 16368 16678 19476
Banks Balance Sheet 25347.60
EUR Million		 25538 25741 25934 26113 27316
Loans to Private Sector 7171.00
EUR Million		 7168 7151 7138 7125 7051
Private Debt to GDP 184.53
percent		 186 185 185 184 183
Central Bank Balance Sheet 7793569.80
EUR Thousand		 8184098 8674779 8510919 8753266 10601144
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -137.05
EUR Million		 -70 -210 -210 -170 -70
Exports 1187.71
EUR Million		 1220 1150 1340 1320 1540
Imports 1324.77
EUR Million		 1290 1360 1550 1490 1610
Current Account 117.80
EUR Million		 190 189 51.92 110 133
Current Account to GDP 3.20
percent		 1.4 1.4 1.2 1.2 1
External Debt 19847.90
EUR Million		 20036 20166 20306 20486 21334
Capital Flows 73.80
EUR Million		 109 270 64.82 99.91 130
Foreign Direct Investment 21.70
EUR Million		 158 182 164 157 158
Remittances 92.90
EUR Million		 96.47 110 96.63 99.4 104
Gold Reserves 0.25
Tonnes		 0.25 0.25 0.25 0.25 0.25
Terrorism Index 0.46
 0.25 0.18 0.16 0.14 0.22
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 9.00
percent		 8.9 8.9 8.5 8.5 8.3
Government Budget -0.30
percent of GDP		 1 1 0.17 0.24 1.5
Government Budget Value 28.74
EUR Million		 35.92 54.84 33.22 46.37 42.68
Government Spending 892.11
EUR Million		 787 1005 848 914 1059
Government Spending to GDP 40.20
percent		 40.19 40.35 40.31 40.27 40
Government Revenues 788.31
EUR Million		 820 860 826 840 836
Fiscal Expenditure 759.57
EUR Million		 784 794 793 793 793
Military Expenditure 509.04
USD Million		 512 512 512 512 521
Asylum Applications 30.00
persons		 9.08 8.97 9.06 9.04 9.04
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 104.20
Index Points		 104 104 103 103 103
Industrial Production 3.70
percent		 2.9 2.5 2.2 2.1 2.4
Industrial Production Mom -1.30
percent		 1.5 1.5 0.8 -0.6 0.7
Manufacturing Production 2.20
percent		 2.06 1.53 1.23 1.05 0.75
Capacity Utilization 75.20
percent		 73.9 73.46 73.3 73.24 73.64
Changes in Inventories 100.87
EUR Million		 221 133 284 123 140
Car Registrations 2726.00
 2453 2452 2478 2488 2486
Internet Speed 11556.01
KBps		 13041 13249 13449 13642 15283
IP Addresses 539972.00
IP		 544478 545703 538139 543889 550318
Mining Production -2.50
percent		 3.37 2.06 2.83 2.78 2.78
Cement Production 58.50
Thousands of Tonnes 		49.86 39.24 43.03 48.23 45.2
Competitiveness Index 4.85
Points		 4.8 4.8 4.84 4.85 4.83
Competitiveness Rank 29.00
 29 29 29 29 29
Ease of Doing Business 12.00
 18 20 19 19 15
Electricity Production 955.00
Gigawatt-hour		 927 1014 1028 1016 1012
Corporate Profits 726446.00
EUR Thousand		 698152 620556 611736 691449 626907
Corruption Index 71.00
Points		 71 71 71 71 71
Corruption Rank 21.00
 22 22 21 21 21
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Consumer Confidence -2.40
Index Points		 -2.15 -2.1 -2.14 -2.17 -2.21
Retail Sales MoM 3.00
percent		 -4 15 12 16 10
Retail Sales YoY 2.00
percent		 2 1 4 4 2
Consumer Spending 2613.10
EUR Million		 2539 2626 2546 2678 2767
Personal Savings 11.28
percent		 11.59 11.95 11.85 11.75 12.07
Consumer Credit 8530.60
EUR Million		 8629 8770 8904 9032 10020
Bank Lending Rate 3.51
percent		 3.51 3.51 3.51 3.51 4.26
Households Debt To Income 69.65
percent		 71.67 71.92 72.63 73.33 81.74
Gasoline Prices 1.54
USD/Liter		 1.57 1.48 1.4 1.32 1.04
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Housing Index 115.17
Index Points		 117 118 118 118 119
Building Permits 1676.00
 1631 1974 1614 1754 1769
Construction Output 21.90
percent		 23.85 24.23 21.33 24.26 23.12
Home Ownership Rate 81.80
percent		 81.73 81.85 81.86 81.87 81.93
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Corporate Tax Rate 20.00
percent		 20 20 20 20 20
Personal Income Tax Rate 20.00
percent		 20 20 20 20 20
Sales Tax Rate 20.00
percent		 20 20 20 20 20
Social Security Rate 35.40
percent		 35.4 35.4 36 36 36
Social Security Rate For Companies 33.80
percent		 33.87 33.87 34.2 34.31 34.39
Social Security Rate For Employees 1.60
percent		 1.6 1.6 1.6 1.6 1.6
CLIMATE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Precipitation 59.97
mm		 72.59 55.08 34.77 56.54 53.61
Temperature 2.29
celsius		 14.97 0.27 -5.35 8.32 4.96