Household consumption remains the strongest driver of economic activity in Estonia, the major push factor being the rapid growth in both minimum and overall real wages. For the coming two years, we expect trade destined for Western countries to recover, while the decline in exports to Russia should come to a halt. Moreover, an upswing in public investments should also lead to GDP growth picking up speed slightly: to 2.2% and 2.4% in 2016 and 2017, respectively.

map Estonia
Main Economic Indicators201320142015201620172018
Population, 1000 persons.131813151315...
GDP, real change in %
GDP per capita (EUR at PPP)199002070021200...
Gross industrial production, real change in %4.13.9-2.2...
Unemployment rate - LFS, in %, average8.
Average gross monthly wages, EUR94910051065...
Consumer prices, % p.a.
Fiscal balance in % of GDP-
Public debt in % of GDP10.010.59.8...
Current account in % of GDP-
FDI inflow, EUR mn8201252-597...
Gross external debt in % of GDP93.196.794.8...

Basic data are continuously updated.

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


Monthly Report No. 7-8/2016

Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8,
25 pages including 1 Table and 1 Figure



ESTONIA: Exports and investment to recover slightly

Sebastian Leitner
in: Growth Stabilises: Investment a Major Driver, Except in Countries Plagued by Recession
wiiw Forecast Report No. Spring 2016, , pp. 76-78
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