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 Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 1.40 0.6 0.8 0.7 0.9 0.4 percent
Unemployment Rate 5.20 6 5.8 5.7 5.9 5.5 percent
Inflation Rate 4.40 2.9 2.5 2.4 2.8 2.9 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -76.00 -210 -210 -170 -124 -70 EUR Million
Government Debt to GDP 9.00 8.9 8.5 8.5 8.5 8.3 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.14
 1.15 1.14 1.13 1.13 1.1
Stock Market 1189.98
points		 1210 1202 1193 1185 1153
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 1.40
percent		 0.6 0.8 0.7 0.9 0.4
GDP Annual Growth Rate 3.70
percent		 3.4 3.6 3.3 2.9 2.6
GDP 25.92
USD Billion		 26 26.2 26.2 26.2 26.9
GDP Constant Prices 5078.95
EUR Million		 5134 4696 5247 5226 5384
Gross Fixed Capital Formation 1302.22
EUR Million		 1367 1007 1345 1340 1434
GDP per capita 18977.39
USD		 18984 18994 18994 18994 19200
GDP per capita PPP 29481.25
USD		 29499 29512 29512 29512 30050
GDP From Agriculture 1.44
EUR Million		 161 72.01 1.49 1.49 169
GDP From Construction 382.75
EUR Million		 292 242 395 394 306
GDP From Manufacturing 808.11
EUR Million		 696 679 835 832 730
GDP From Mining 67.62
EUR Million		 79.27 82.57 69.85 69.58 83.12
GDP From Services 57.60
EUR Million		 60.26 55.12 59.5 59.27 63.19
GDP From Transport 414.76
EUR Million		 324 337 428 427 340
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 5.20
percent		 6 5.8 5.7 5.9 5.5
Employed Persons 666.60
Thousand 		662 656 664 664 661
Unemployed Persons 29.76
Thousand 		29.95 30.45 30.45 30.37 30.36
Long Term Unemployment Rate 1.80
percent		 1.6 1.62 1.66 1.58 1.6
Youth Unemployment Rate 16.70
percent		 16.3 16.85 16.77 16.78 16.79
Labour Costs 133.88
Index Points		 132 135 135 134 135
Job Vacancies 4.56
Thousand		 4.57 4.74 4.71 4.72 4.72
Wages 1321.00
EUR/Month		 1350 1330 1373 1331 1500
Wages in Manufacturing 1266.00
EUR/Month		 1240 1220 1266 1230 1450
Wage Growth 6.30
percent		 5.09 4.24 4.14 4.28 5.06
Minimum Wages 500.00
EUR/Month		 500 540 526 526 590
Population 1.32
Million		 1.32 1.32 1.32 1.32 1.33
Retirement Age Women 63.50
 63.5 63.75 63.5 63.5 64
Retirement Age Men 63.50
 63.5 63.75 63.5 63.5 64
Labor Force Participation Rate 72.00
percent		 71.9 71.63 71.84 71.94 71.82
Part Time Employment 69.90
Thousand		 63.07 64.54 65.97 65.42 64.81
Productivity 116.10
Index Points		 116 111 117 117 117
Employment Change 1.30
percent		 0.5 0.36 0.26 -0.18 0.5
Employment Rate 68.20
percent		 68.83 68.16 68.95 69.5 69.38
Full Time Employment 560.80
Thousand		 569 559 565 571 567
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 4.40
percent		 2.9 2.5 2.4 2.8 2.9
Inflation Rate Mom 0.50
percent		 0.3 0.3 0.4 0.4 0.6
Harmonised Consumer Prices 109.86
Index Points		 108 109 111 112 114
Consumer Price Index CPI 212.08
Index Points		 209 212 215 217 220
Core Consumer Prices 106.89
Index Points		 107 108 110 111 118
Core Inflation Rate 3.20
percent		 3.51 4.18 4.54 4.76 5.1
GDP Deflator 126.79
Index Points		 129 131 132 133 143
Producer Prices 114.65
Index Points		 115 115 116 117 120
Producer Prices Change 2.80
percent		 3.3 2.5 2.4 2.6 2
Export Prices 340.99
Index Points		 343 343 343 343 343
Import Prices 147.59
Index Points		 148 148 148 148 148
Cpi Housing Utilities 339.69
Index Points		 339 338 338 338 338
CPI Transportation 198.60
Index Points		 191 190 196 197 201
Food Inflation 2.80
percent		 4 4.3 4.17 4.47 5
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent		 0 0 0 0.25 0.75
Money Supply M1 12792.00
EUR Million		 13100 13272 13457 13632 14935
Money Supply M2 15354.00
EUR Million		 15763 15969 16208 16436 18279
Banks Balance Sheet 25447.50
EUR Million		 25729 25920 26096 26259 27278
Loans to Private Sector 7220.20
EUR Million		 7228 7238 7248 7257 7310
Private Debt to GDP 184.53
percent		 185 185 184 184 183
Central Bank Balance Sheet 7793569.80
EUR Thousand		 8674779 8510919 8753266 8995328 10601144
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -76.00
EUR Million		 -210 -210 -170 -124 -70
Exports 1241.20
EUR Million		 1150 1340 1320 1228 1540
Imports 1317.60
EUR Million		 1360 1550 1490 1352 1610
Current Account 117.80
EUR Million		 171 18.98 97.14 134 109
Current Account to GDP 3.20
percent		 2.5 1.2 1.2 1.2 -0.1
External Debt 19847.90
EUR Million		 20166 20306 20486 20629 21334
Capital Flows 73.80
EUR Million		 270 64.82 99.91 107 130
Foreign Direct Investment 907.80
EUR Million		 431 255 346 323 343
Remittances 71.30
EUR Million		 102 90.74 76.18 85.69 92.48
Gold Reserves 0.25
Tonnes		 0.25 0.25 0.25 0.25 0.25
Terrorism Index 0.46
 0.46 0.46 0.46 0.46 0.46
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 9.00
percent		 8.9 8.5 8.5 8.5 8.3
Government Budget -0.30
percent of GDP		 1 1.2 1.2 1.2 1.5
Government Budget Value -20.54
EUR Million		 40.01 14.13 31.04 24.23 26.85
Government Spending 892.11
EUR Million		 1001 852 922 918 1050
Government Spending to GDP 40.20
percent		 40.2 40.2 40.2 40.2 40.2
Government Revenues 782.27
EUR Million		 839 802 819 812 815
Fiscal Expenditure 802.81
EUR Million		 787 788 788 788 788
Military Expenditure 509.04
USD Million		 512 512 512 512 521
Asylum Applications 30.00
persons		 11.51 11.6 11.66 11.63 11.63
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 103.60
Index Points		 103 103 103 103 103
Industrial Production 2.30
percent		 2.5 2.2 2.1 3.16 2.4
Industrial Production Mom -1.10
percent		 1.5 0.8 -0.6 1.1 0.7
Manufacturing Production 2.50
percent		 3.07 2.85 2.75 2.71 2.64
Capacity Utilization 73.00
percent		 74.85 72.99 72.52 72.41 73.17
Changes in Inventories 100.87
EUR Million		 133 284 123 240 140
Car Registrations 1777.00
 1757 2038 2025 2000 2005
Internet Speed 11556.01
KBps		 13249 13449 13642 13829 15283
IP Addresses 539972.00
IP		 545703 538139 543889 549470 550318
Mining Production -16.70
percent		 -9.5 -8.55 -9.18 -9.06 -9.06
Cement Production 49.10
Thousands of Tonnes 		38.49 42.88 48.16 45.75 44.93
Competitiveness Index 70.75
Points		 71.25 71.25 71.25 71.25 73.75
Competitiveness Rank 32.00
 32 32 32 32 32
Ease of Doing Business 16.00
 18 16 14 13 12
Electricity Production 960.00
Gigawatt-hour		 1003 1015 1016 1016 1015
Corporate Profits 726446.00
EUR Thousand		 620556 611736 691449 675146 626907
Corruption Index 71.00
Points		 71 71 71 71 71
Corruption Rank 21.00
 21 21 21 21 21
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence -5.10
Index Points		 -4.86 -5.25 -5.54 -5.72 -5.98
Retail Sales MoM -5.00
percent		 15 12 16 -3 10
Retail Sales YoY 3.00
percent		 1 4 4 2 2
Consumer Spending 2613.10
EUR Million		 2616 2556 2699 2689 2743
Personal Savings 11.28
percent		 11.95 11.85 11.75 11.65 12.07
Consumer Credit 8620.30
EUR Million		 8751 8876 8995 9108 9912
Bank Lending Rate 3.72
percent		 3.59 3.59 3.59 3.84 4.34
Households Debt To Income 69.50
percent		 67.89 67.82 67.75 67.68 66.47
Gasoline Prices 1.54
USD/Liter		 1.52 1.49 1.46 1.44 1.33
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 116.43
Index Points		 118 118 118 119 119
Building Permits 1673.00
 1995 1632 1765 1689 1789
Construction Output 21.90
percent		 24.23 21.33 24.26 22.5 23.12
Home Ownership Rate 81.80
percent		 81.85 81.86 81.87 81.88 81.93
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 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 35.4 35.4 35.4
Social Security Rate For Companies 33.80
percent		 33.8 33.8 33.8 33.8 33.8
Social Security Rate For Employees 1.60
percent		 1.6 1.6 1.6 1.6 1.6
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 59.97
mm		 55.08 34.77 56.54 56.54 53.61
Temperature 2.29
celsius		 0.27 -5.35 8.32 7.04 4.96



Estonia - Economic Forecasts - 2018-2020 Outlook