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Estonia – short facts

• Estonia with official name the Republic of Estonia (Estonian: Eesti Vabariik), is a sovereign state in Northern Europe, Baltic region and is influenced by a humid continental climate. The Estonians are a Finnic people, and the official language is Estonian.
• Total area: 45,227 km2, 17,413 sq mi
• Population (2014): 1,311,870
• Capital: Tallinn
• Monetary unit: Euro
• Languages:Estonian

Economic summary:

• GDP/PPP (2014 est): $29.94 billion; per capita $20,179.
• Real growth rate: 8%
• Inflation: 1.08%
• Unemployment: 8.8%
• Labor force (2013): 0.7million
• Major trading partners: Germany, Sweden, Lithuania, Russia, Finland, Poland.

Economic environment

Estonian economy was one of the fastest growing in the world until 2006 with growth rates even exceeding 10% annually. Until recent years, the Estonian economy has continued to grow with admirable rates.

Increases in labor costs, rise of taxation on tobacco, alcohol, electricity, fuel, and gas, and also external pressures are expected to raise inflation.

Estonia joined the World Trade Organization in 1999. A sizable current account deficits remains, but started to shrink in the last months of 2008 and is expected to do so in the near future.

In the second quarter of 2013, the average monthly gross wage in Estonia was €976.

Estonia is nearly energy independent supplying over 90% of its electricity needs with locally mined oil shale. Alternative energy sources such as wood, peat, and biomass make up approximately 9% of primary energy production. Estonia imports needed petroleum products from western Europe and Russia.

The ice-free port of Muuga, near Tallinn, is a modern facility featuring good transshipment capability, a high-capacity grain elevator, chill/frozen storage, and brand-new oil tanker off-loading capabilities.

The average hourly labor costs of industrial workers as:

If you have questions about Estonia, do not hesitate to contact us.