Estonia Economy Profile 2002

Economy - overview

Estonia, as a new member of the World Trade Organization, is steadily moving toward a modern market economy with increasing ties to the West, including the pegging of its currency to the euro. A major goal is accession to the EU, possibly by 2004. The state of the economy is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The trade deficit is a negative factor, whereas the internal government surplus is a plus.

GDP (purchasing power parity)

purchasing power parity - $15.2 billion (2002 est.)

GDP - real growth rate

4.4% (2002 est.)

GDP - per capita (PPP)

purchasing power parity - $10,900 (2002 est.)

GDP - composition by sector

agriculture: 6%
industry: 29%
services: 66% (2001)

Population below poverty line

NA% (2000)

Household income or consumption by percentage share

lowest 10%: 3%
highest 10%: 30% (1998)

Inflation rate (consumer prices)

3.7% (2002)

Labor force

608,600 (2001 est.)

Labor force - by occupation

industry 20%, agriculture 11%, services 69% (1999 est.)

Unemployment rate

12.4% (2001)

Distribution of family income - Gini index

37 (1999)

Budget

revenues: $1.89 billion
expenditures: $1.89 billion, including capital expenditures of $NA (2002 est.)

Industries

engineering, electronics, wood and wood products, textile; services; transit, information technology, telecommunications

Industrial production growth rate

5% (2000 est.)

Electricity - production

7.056 billion kWh (2000)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

5.362 billion kWh (2000)

Electricity - exports

1.2 billion kWh (2000)

Electricity - imports

0 kWh (2000)

Agriculture - products

potatoes, vegetables; livestock and dairy products; fish

Exports

$3.4 billion f.o.b. (2002)

Exports - commodities

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

Exports - partners

Finland 33.8%, Sweden 14%, Latvia 6.9%, Germany 6.9%, UK 4.2 (2001)

Imports

$4.4 billion f.o.b. (2002)

Imports - commodities

machinery and equipment 33.5%, chemical products 11.6%, textiles 10.3%, foodstuffs 9.4%, transportation equipment 8.9% (2001)

Imports - partners

Finland 18%, Germany 11%, Sweden 9%, China 9%, Russia 8% (2001)

Debt - external

$3.3 billion (2001 est.)

Economic aid - recipient

$108 million (2000)

Currency

Estonian kroon (EEK)

Currency (code)

EEK

Exchange rates

krooni per US dollar - 17.518 (January 2002), 17.538 (2001), 16.969 (2000), 14.678 (1999), 14.075 (1998), 13.882 (1997); note - the kroon is tied to the euro at a fixed rate of 15.65 krooni per euro

Fiscal year

calendar year