The economy is hit by stagnant external demand due to the slowdown of growth in Russia and the ongoing recessionary developments in neighbouring Finland. The negative climate in the manufacturing sector is holding down investments, while still strongly increasing real wages keep economic activity alive. However, in 2014 the GDP will grow by only 0.7%. A revival of exports and some upswing in private and public investment activity should lift GDP growth to 1.8% in 2015 and 2.4% in 2016.

map Estonia
Main Economic Indicators201120122013201420152016
Population, 1000 persons.132713231318...
GDP, real change in %
GDP per capita (EUR at PPP)177001870019200...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average12.510.
Average gross monthly wages, EUR839887949...
Consumer prices, % p.a.
Fiscal balance in % of GDP1.0-0.3-0.5...
Public debt in % of GDP6.09.710.1...
Current account in % of GDP1.8-1.8-1.1-2.8-2.6-3.0
FDI inflow, EUR mn2451180685...
Gross external debt in % of GDP101.9101.993.6...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


Monthly Report No. 7-8/2014

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Michael Landesmann, Sebastian Leitner, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July 2014
23 pages including 1 Table and 2 Figures


ESTONIA: Waiting for Scandinavian neighbours to revive

Sebastian Leitner
in: Investment to the Rescue
wiiw Forecast Report No. Spring 2014, March 2014 , pp. 45-46
Details and Buy