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 -0.10 0.7 0.6 0.6 0.6 0.4 percent
Unemployment Rate 6.80 6.9 6 7.2 7.1 5.5 percent
Inflation Rate 4.00 3.2 2.9 2.5 2.4 2.1 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -214.66 -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 1.16
 1.14 1.13 1.11 1.09 1.02
Stock Market 1257.80
points		 1233 1205 1177 1150 1049
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate -0.10
percent		 0.7 0.6 0.6 0.6 0.4
GDP Annual Growth Rate 3.60
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 4533.04
EUR Million		 4784 5154 4678 4939 5431
Gross Fixed Capital Formation 971.79
EUR Million		 1121 1373 1003 1316 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 69.51
EUR Million		 151 162 71.73 52.69 170
GDP From Construction 234.06
EUR Million		 320 293 242 293 309
GDP From Manufacturing 655.16
EUR Million		 678 699 676 757 737
GDP From Mining 79.70
EUR Million		 101 79.58 82.25 60.32 83.85
GDP From Services 53.21
EUR Million		 66.79 60.49 54.91 57.75 63.74
GDP From Transport 325.52
EUR Million		 354 326 336 342 343
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 6.80
percent		 6.9 6 7.2 7.1 5.5
Employed Persons 650.50
Thousand 		660 659 650 651 652
Unemployed Persons 29.49
Thousand 		26.14 26.47 26.97 27.04 26.94
Long Term Unemployment Rate 1.60
percent		 1.56 1.5 1.51 1.54 1.47
Youth Unemployment Rate 6.80
percent		 7.03 7.18 7.08 7.13 7.11
Labour Costs 134.37
Index Points		 132 132 135 135 134
Job Vacancies 5.55
Thousand		 5.08 5.35 5.29 5.3 5.3
Wages 1242.00
EUR/Month		 1300 1350 1330 1330 1500
Wages in Manufacturing 1189.00
EUR/Month		 1200 1240 1220 1221 1450
Wage Growth 7.70
percent		 7.41 7.29 7.11 6.93 7.1
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 71.40
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 107.50
Index Points		 116 116 111 118 118
Employment Change -1.40
percent		 -0.2 0.5 -0.04 0.18 0.5
Employment Rate 66.60
percent		 67.64 67.47 66.63 66.77 66.86
Full Time Employment 551.10
Thousand		 561 560 549 549 552
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 4.00
percent		 3.2 2.9 2.5 2.4 2.1
Inflation Rate Mom 0.90
percent		 0.2 0.3 0.3 0.3 0.6
Harmonised Consumer Prices 108.65
Index Points		 109 108 109 111 113
Consumer Price Index CPI 209.68
Index Points		 210 209 212 215 219
Core Consumer Prices 105.63
Index Points		 105 104 104 106 105
Core Inflation Rate 1.50
percent		 0.83 0.74 0.69 0.66 0.59
GDP Deflator 125.21
Index Points		 128 128 130 130 139
Producer Prices 112.12
Index Points		 114 114 115 115 119
Producer Prices Change 1.90
percent		 2.3 2.4 2.3 2.36 2
Export Prices 336.26
Index Points		 338 338 339 339 339
Import Prices 145.52
Index Points		 146 146 146 146 146
Cpi Housing Utilities 333.43
Index Points		 337 338 339 339 339
CPI Transportation 191.30
Index Points		 188 191 190 196 199
Food Inflation 2.90
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 0.25 0.75
Money Supply M1 13120.00
EUR Million		 13594 14023 14444 14851 18370
Money Supply M2 15530.00
EUR Million		 15796 16134 16479 16811 19813
Banks Balance Sheet 25468.60
EUR Million		 24594 24540 24492 24447 24153
Loans to Private Sector 7206.60
EUR Million		 7227 7238 7248 7257 7314
Private Debt to GDP 184.53
percent		 186 185 185 184 183
Central Bank Balance Sheet 7617555.00
EUR Thousand		 8255613 8782473 8631326 8965900 10901211
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -214.66
EUR Million		 -70 -210 -210 -170 -70
Exports 1233.84
EUR Million		 1220 1150 1340 1320 1540
Imports 1448.50
EUR Million		 1290 1360 1550 1490 1610
Current Account -35.10
EUR Million		 134 146 11.58 32.22 67.87
Current Account to GDP 3.20
percent		 1.4 1.4 1.2 1.2 1
External Debt 19424.30
EUR Million		 19577 19658 19752 19822 20216
Capital Flows 4.50
EUR Million		 150 307 95.99 162 177
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 -20.71
EUR Million		 40.14 53.84 51.63 52.98 53.23
Government Spending 821.99
EUR Million		 787 1005 848 929 1059
Government Spending to GDP 40.20
percent		 40.19 40.35 40.31 40.27 40
Government Revenues 789.38
EUR Million		 803 817 814 815 816
Fiscal Expenditure 810.10
EUR Million		 763 762 762 762 762
Military Expenditure 509.04
USD Million		 512 512 512 512 521
Asylum Applications 5.00
persons		 9.08 8.97 9.06 9.04 9.04
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence 104.90
Index Points		 105 105 105 105 105
Industrial Production 3.00
percent		 2.9 2.5 2.2 2.1 2.4
Industrial Production Mom -0.40
percent		 1.5 1.5 0.8 -0.6 0.7
Manufacturing Production 5.30
percent		 3.2 2.84 2.69 2.61 2.47
Capacity Utilization 73.90
percent		 73.9 73.46 73.3 73.24 73.64
Changes in Inventories 332.94
EUR Million		 205 118 278 85.5 111
Car Registrations 2633.00
 2454 2435 2457 2458 2456
Internet Speed 11556.01
KBps		 13041 13249 13449 13642 15283
IP Addresses 539972.00
IP		 544478 545703 538139 543889 550318
Mining Production 2.40
percent		 -1.2 -1.18 -1 -1.01 -1.02
Cement Production 58.00
Thousands of Tonnes 		51.17 38.84 43.65 49.38 45.83
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 1152.00
Gigawatt-hour		 1036 1041 1053 1055 1053
Corporate Profits 583864.50
EUR Thousand		 666653 600296 586332 646433 590847
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 -0.40
Index Points		 0.07 0.34 0.51 0.61 0.75
Retail Sales MoM 12.00
percent		 -4 15 12 16 10
Retail Sales YoY 3.00
percent		 2 1 4 4 2
Consumer Spending 2467.50
EUR Million		 2539 2626 2546 2575 2767
Personal Savings 11.28
percent		 11.59 11.95 11.85 11.75 12.07
Consumer Credit 8427.50
EUR Million		 8644 8794 8936 9073 10124
Bank Lending Rate 3.27
percent		 3.27 3.27 3.27 3.27 4.02
Households Debt To Income 69.65
percent		 71.67 71.92 72.63 73.33 81.74
Gasoline Prices 1.58
USD/Liter		 1.5 1.41 1.33 1.26 0.73
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Housing Index 115.17
Index Points		 117 118 118 118 119
Building Permits 1524.00
 1734 2062 1668 1903 1877
Construction Output 28.80
percent		 27.99 33.25 29.33 32.46 31.62
Home Ownership Rate 81.40
percent		 81.78 81.59 81.57 81.54 81.58
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