Estonia Economy 2008

Economy - overview:
Estonia, a 2004 European Union entrant, has a modern market-based economy and one of the highest per capita income levels in Central Europe. The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, and Germany. The current government has pursued relatively sound sound fiscal policies, resulting in balanced budgets and low public debt. In 2007, however, a large current account deficit and rising inflation put pressure on Estonia's currency, which is pegged to the euro, highlighting the need for growth in export-generating industries.

GDP (purchasing power parity):
$28.68 billion (2007 est.)

GDP (official exchange rate):
$15.31 billion (2007 est.)

GDP - real growth rate:
7.9% (2007 est.)

GDP - per capita (PPP):
$21,800 (2007 est.)

GDP - composition by sector:
agriculture: 2.9%
industry: 28.9%
services: 68.2% (2007 est.)

Labor force:
688,000 (2007 est.)

Labor force - by occupation:
agriculture: 11%
industry: 20%
services: 69% (1999 est.)

Unemployment rate:
4.7% (2007 est.)

Population below poverty line:
5% (2003)

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 27.6% (2003)

Distribution of family income - Gini index:
34 (2005)

Inflation rate (consumer prices):
6% (2007 est.)

Investment (gross fixed):
33.3% of GDP (2007 est.)

Budget:
revenues: $7.671 billion
expenditures: $7.015 billion (2007 est.)

Public debt:
3.8% of GDP (2007 est.)

Agriculture - products:
potatoes, vegetables; livestock and dairy products; fish

Industries:
engineering, electronics, wood and wood products, textile; information technology, telecommunications

Industrial production growth rate:
9.8% (2007 est.)

Electricity - production:
9.599 billion kWh (2005)

Electricity - consumption:
6.888 billion kWh (2005)

Electricity - exports:
1.953 billion kWh (2005)

Electricity - imports:
345 million kWh (2005)

Oil - production:
6,930 bbl/day (2005 est.)

Oil - consumption:
29,000 bbl/day (2005 est.)

Oil - exports:
3,958 bbl/day (2004)

Oil - imports:
54,000 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
1.458 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
1.458 billion cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$3.092 billion (2007 est.)

Exports:
$11.31 billion f.o.b. (2007 est.)

Exports - commodities:
machinery and equipment 33%, wood and paper 15%, textiles 14%, food products 8%, furniture 7%, metals, chemical products (2001)

Exports - partners:
Finland 18.4%, Sweden 12.4%, Latvia 8.9%, Russia 8.1%, US 5.5%, Germany 5.1%, Lithuania 4.8%, Gibraltar 4.7% (2006)

Imports:
$14.71 billion f.o.b. (2007 est.)

Imports - partners:
Finland 18.2%, Russia 13.1%, Germany 12.4%, Sweden 9%, Lithuania 6.4%, Latvia 5.7% (2006)

Economic aid - recipient:
$135.5 million (2004)

Reserves of foreign exchange and gold:
$3.605 billion (31 December 2007 est.)

Debt - external:
$20.24 billion (30 June 2007)

Stock of direct foreign investment - at home:
$16.32 billion (2006 est.)

Stock of direct foreign investment - abroad:
$3.557 billion (2006 est.)

Market value of publicly traded shares:
$5.963 billion (2006)

Currency (code):
Estonian kroon (EEK)

Exchange rates:
krooni per US dollar - 11.535 (2007), 12.473 (2006), 12.584 (2005), 12.596 (2004), 13.856 (2003)
note: the krooni is pegged to the euro