General overview of Estonian economy

Table of Contents

• General

  In spite of the rapid economic growth of the last 5-6 years, Estonia is still not half as wealthy as the Western European countries.
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• Structure of the economy

  More than 71% of the Estonian GDP is derived from the service sectors, industrial sectors yield 25% and primary branches (including agriculture) approximately 4% of ...
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• Agriculture

  Just a couple of generations ago agriculture was the main occupation of the Estonians. Nowadays only about 3% of the workforce is engaged in agriculture ...
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• Processing industry

  The most important branch among processing industries in Estonia is timber, paper and furniture industry. Second comes the food processing industry, mostly in the form ...
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• Subcontracting and own production

  As economic changes had only started, Estonian enterprises engaged in subcontracting for foreign companies. Subcontracting was especially widespread in the light industry, where local companies ...
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• Tourism

  About 4 million tourists visit Estonia every year, the majority of them come Finland and stay for a short period — morning (night) trip from Helsinki ...
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• Estate sector

  In Estonia, predicting the crash of the estate business and claiming the impossibility thereof has become a popular pastime — during the last decade the estate ...
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• Labour market

  Employment
  64% of the Estonian labour force is occupied in various branches of the services sector, approximately 32% is occupied in industry and the remaining ...
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• Prices and inflation

  Although the average price level in Estonia is much lower than that of the developed countries, it is one of the highest in the Central ...
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• Foreign trade

  The Estonian economy is an open one – in addition to active trading, lots of foreign entrepreneurs are operating here; Estonian enterprises are among the most ...
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• Import

  The percentage of services in Estonia's import is about 18% and various transport as well as travel services are the main import articles. As ...
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• Foreign investment

  There are several reasons why foreign investors have invested into Estonia and continue to do so.
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• Monetary and financial system

  Until 2011 the Estonian monetary unit was kroon, which was adopted after the monetary reform of 20 June 1992. The official rate was 1 Deutsche ...
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• Banks

  The six registered banks in Estonia include Hansapank, Ühispank, Sampo Bank, Äripank, Krediidipank and SBM Bank. The branch of the Finnish Nordea Bank can also ...
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• Insurance

  In Estonia there are 8 insurance companies which offer both property and life insurance. Using insurance services is not yet too widespread in Estonia, compulsory ...
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• State finances

  During the recent years Estonia's state budget has been in surplus – revenue has exceeded expenditure. Revenue and expenditure have been expected to be equal ...
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