Estonia | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for Estonia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Estonia economy.


Overview Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 1.90 0.6 0.6 0.6 0.5 0.8 percent [+]
Unemployment Rate 6.60 6.3 6.7 6.4 6.5 5.5 percent [+]
Inflation Rate 2.80 2.9 3.2 2.8 3 2.3 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade -96.63 -199 -197 -197 -197 -197 EUR Million [+]
Government Debt to GDP 9.50 9.5 9.79 9.2 9.65 8 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.09 1.06 1.05 1.04 1.03 0.86 [+]
Stock Market 1123.49 1110 1100 1070 1080 898 points [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 1.90 0.6 0.6 0.6 0.5 0.8 percent [+]
GDP Annual Growth Rate 2.70 2.2 2.3 2.4 2.5 2.6 percent [+]
GDP 22.46 23.11 22.24 26.65 22.2 31.14 USD Billion [+]
GDP Constant Prices 4693.15 4693 4452 4693 4453 4691 EUR Million [+]
Gross Fixed Capital Formation 1198.08 1197 1013 1197 1014 1193 EUR Million [+]
GDP per capita 17603.50 17695 17597 17499 17494 17579 USD [+]
GDP per capita PPP 27345.25 27410 27183 26956 26967 26995 USD [+]
GDP From Agriculture 158.48 129 141 152 143 144 EUR Million [+]
GDP From Construction 232.56 229 243 232 176 227 EUR Million [+]
GDP From Manufacturing 670.67 671 636 671 636 670 EUR Million [+]
GDP From Mining 49.11 45.68 48.97 46.85 46.58 47.08 EUR Million [+]
GDP From Services 57.37 50.58 58.08 55.72 47.69 54.83 EUR Million [+]
GDP From Transport 277.99 294 293 284 289 288 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 6.60 6.3 6.7 6.4 6.5 5.5 percent [+]
Employed Persons 638.20 652 649 639 640 642 Thousand [+]
Unemployed Persons 32.43 32.5 31.84 31.66 31.74 31.79 Thousand [+]
Long Term Unemployment Rate 2.50 2.71 2.76 2.73 2.73 2.84 percent [+]
Youth Unemployment Rate 12.40 11.98 11.83 11.85 11.85 11.85 percent [+]
Labour Costs 122.25 125 123 123 124 124 Index Points [+]
Job Vacancies 6.44 6.32 6.11 6.18 6.16 6.16 Thousand [+]
Wages 1181.50 1190 1142 1193 1146 1175 EUR/Month [+]
Wages in Manufacturing 1141.44 1141 1112 1141 1112 1141 EUR/Month [+]
Wage Growth 7.00 5.7 5.6 5.26 5.33 5.84 percent [+]
Minimum Wages 470.00 430 460 450 450 500 EUR/Month [+]
Population 1.32 1.31 1.32 1.32 1.32 1.34 Million [+]
Retirement Age Women 62.70 62.63 62.63 62.63 62.94 63.21 [+]
Retirement Age Men 63.00 63 63 63 63 63 [+]
Employment Change -1.50 -0.32 -0.44 -0.03 -0.05 -0.01 percent [+]
Employment Rate 66.50 66.17 65.83 64.73 64.9 65.01 percent [+]
Full Time Employment 547.50 556 558 548 546 550 Thousand [+]
Part Time Employment 61.00 60.84 59.22 59.59 60.38 59.8 Thousand [+]
Productivity 112.80 108 111 113 106 113 Index Points [+]
Labor Force Participation Rate 69.60 71.25 71.31 69.81 69.85 70.25 percent [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 2.80 2.9 3.2 2.8 3 2.3 percent [+]
Inflation Rate Mom 0.30 0.5 0.88 0.8 0.03 0.6 percent [+]
Harmonised Consumer Prices 103.46 105 105 106 106 106 Index Points [+]
Consumer Price Index CPI 200.67 202 203 204 205 216 Index Points [+]
Core Consumer Prices 102.42 103 104 104 104 104 Index Points [+]
Core Inflation Rate 1.60 1.76 1.86 1.94 2 2.13 percent [+]
GDP Deflator 119.06 120 121 121 122 127 Index Points [+]
Producer Prices 109.36 113 115 117 119 132 Index Points [+]
Producer Prices Change 3.10 5.5 5.2 4.9 3.7 2.9 percent [+]
Export Prices 327.09 328 328 328 328 328 Index Points [+]
Import Prices 141.25 141 141 141 141 141 Index Points [+]
Cpi Transportation 185.99 187 187 187 187 187 Index Points [+]
Food Inflation 4.00 4.16 4.21 4.23 4.23 4.24 percent [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Money Supply M1 11089.00 11324 11469 11611 11743 12790 EUR Million [+]
Money Supply M2 13748.00 14107 14325 14537 14743 16645 EUR Million [+]
Banks Balance Sheet 24583.50 25345 25771 26166 26534 29218 EUR Million [+]
Loans to Private Sector 7587.90 7669 7725 7774 7818 8058 EUR Million [+]
Central Bank Balance Sheet 6747158.90 7013356 7315824 7455079 7617765 9388190 EUR Thousand [+]
Private Debt to GDP 194.69 198 199 199 199 201 percent [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -96.63 -199 -197 -197 -197 -197 EUR Million [+]
Exports 975.88 989 996 994 995 994 EUR Million [+]
Imports 1072.52 1186 1142 1153 1142 1144 EUR Million [+]
Current Account 209.40 172 265 234 174 227 EUR Million [+]
Current Account to GDP 1.90 1 0 1 -0.63 0.4 percent [+]
External Debt 19039.50 19073 19005 18940 18903 18746 EUR Million [+]
Capital Flows 309.40 253 272 269 177 239 EUR Million [+]
Foreign Direct Investment 391.70 161 93.78 151 142 147 EUR Million [+]
Remittances 91.20 61.3 66.58 86.7 67.55 83 EUR Million [+]
Gold Reserves 0.25 0.25 0.25 0.25 0.25 0.25 Tonnes [+]
Terrorism Index 1.10 0.33 0.41 0.49 0.5 0.52 [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 9.50 9.5 9.79 9.2 9.65 8 percent [+]
Government Budget 0.30 -0.2 0.71 -0.2 0.82 0.5 percent of GDP [+]
Government Budget Value -87.54 -21.14 -10.83 -11.98 -11.27 -11.46 EUR Million [+]
Government Spending 938.12 938 814 938 815 938 EUR Million [+]
Government Spending to GDP 40.40 39.67 39.5 39.33 39.38 39.36 percent [+]
Government Revenues 483.39 610 577 590 584 586 EUR Million [+]
Fiscal Expenditure 570.92 639 634 635 635 635 EUR Million [+]
Asylum Applications 20.00 16.72 16.8 16.76 16.72 16.73 persons [+]
Military Expenditure 545.70 558 574 576 576 598 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 105.40 105 105 105 105 105 [+]
Industrial Production 9.00 2.9 10.8 4.4 11.35 1.8 percent [+]
Industrial Production Mom 2.30 1.8 0.72 2.1 0.72 0.7 percent [+]
Manufacturing Production 7.20 10.43 11.37 11.97 11.97 13.07 percent [+]
Capacity Utilization 74.40 74.58 74.41 74.21 74.02 73.66 percent [+]
Changes in Inventories 88.47 25.48 157 55.89 176 51.49 EUR Million [+]
Car Registrations 2348.00 2155 2030 2041 2049 2047 Cars [+]
Cement Production 21.10 34.95 36.59 31.5 31.07 32.68 Thousands of Tonnes [+]
Competitiveness Index 4.78 4.76 4.76 4.76 4.8 4.83 Points [+]
Competitiveness Rank 30.00 32 32 32 29 29 [+]
Ease of Doing Business 12.00 11 10 10 11 19 [+]
Electricity Production 1316.00 1006 975 991 1002 1001 Gigawatt-hour [+]
Corporate Profits 632739.60 622054 743658 578067 468406 547473 EUR Thousand [+]
Corruption Index 70.00 70 70 71 71 71 Points [+]
Corruption Rank 22.00 23 23 22 23 23 [+]
Mining Production 36.10 22.38 20.19 20.26 20.49 20.4 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -2.10 -1.5 -1.25 -1.09 -0.99 -0.84 [+]
Retail Sales MoM -9.00 -1 0.55 18 0.51 10 percent [+]
Retail Sales YoY 1.00 8 0.39 5 0.34 2 percent [+]
Consumer Spending 2462.20 2468 2448 2494 2492 2533 EUR Million [+]
Personal Savings 8.21 9.04 8.95 8.86 8.68 8.06 percent [+]
Consumer Credit 7741.50 7794 7834 7872 7907 8196 EUR Million [+]
Bank Lending Rate 3.35 3.25 3.32 3.3 3.29 3.3 percent [+]
Households Debt To Income 70.87 67.04 66.92 66.79 65.8 54.65 percent [+]
Gasoline Prices 1.12 1.13 1.14 1.14 1.14 1.14 USD/Liter [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Housing Index 169.34 173 174 174 175 175 Index Points [+]
Building Permits 1764.00 1822 1632 1583 1710 1672 [+]
Construction Output 4.70 2.59 2.43 0.73 2.84 1.93 percent [+]
Home Ownership Rate 81.50 81.4 81.42 81.43 81.42 81.34 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 20.00 19.82 19.82 19.82 19.87 20.09 percent [+]
Personal Income Tax Rate 20.00 20 20 20 20 20 percent [+]
Sales Tax Rate 20.00 20 20 20 20 20 percent [+]
Social Security Rate 35.40 35.53 35.65 35.78 35.79 36.34 percent [+]
Social Security Rate For Companies 33.80 33.49 33.44 33.38 33.44 33.86 percent [+]
Social Security Rate For Employees 1.60 1.88 1.99 2.1 2.1 2.49 percent [+]