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GDP
2023
3% drop in GDP to €37.7 billion
At the end GDP Estonia of 2023, it amounted to approximately €37.7 billion, which is 3% less than in the previous year. This was announced on March 1, 2024 by the Department of Statistics of the country.
It is noted that throughout 2023, a large-scale economic recession was observed in Estonia. The greatest negative effect was recorded in the information and communication segments. In addition, there was a noticeable decline in power, manufacturing, professional, scientific and technical activities, as well as transport and warehousing. The Department of Statistics emphasizes that there has been no such large-scale economic downturn in Estonia since the bubble in the real estate market burst during the global financial crisis of 2007-2008.
 | Even during the COVID-19 pandemic, the situation was better than in 2023. The reason for the weak real results was the rapid rise in prices, which affected all segments of the economy, says Robert Müürsepp, head of the national accounts group of the Estonian Statistics Department. |  |
In 2023, the country recorded a slight increase (within 0.5%) in such areas as wholesale and retail trade, real estate operations, agriculture, forestry and fishing, public administration and defense, education and mining.
Household spending on goods fell 3.1% in 2023 from the previous year. Service costs remained at approximately the level of 2022, showing an increase of 0.3%. Public sector consumption increased 0.9% year-on-year. The report also notes that 2023 was a difficult year in terms of investments: their volume decreased by about 3.4% compared to the previous year.[1]
Seven consecutive quarters of GDP contraction due to conflict with Russia
By November 2023, the Estonian economy is unsuccessfully trying to get out of the longest recession in the EU: the fall in trade with the Northern Region and the energy shock caused by the conflict in Ukraine are affected. In Q3, GDP per 1.3%, the seventh consecutive quarter of decline.
2022: Industry's share of GDP - less than 15%
2021: Agriculture's share of GDP - less than 4%
Financial system
National debt
2023: State debt - 17% of GDP
2017: State debt - 9% of GDP
Central Bank of Estonia
2022: First loss in history €157 million
The Central Bank of Estonia in 2022 suffered a loss of €157 million from investments in securities.
For the first time, the annual return on the regulator's investments turned out to be negative. Most of the portfolio consisted of bonds, whose rates suffered due to a sharp increase in base rates.
Among the assets of the Estonian Central Bank -, and US government bonds Australia. In Britain 2022, securities Canada issued to fund support were purchased. Ukraine
Key rate
Inflation
2022
Inflation in November - 22.5%
Slowdown in consumer price growth in October to 22.4%
The consumer price indicator showed that price growth in October 2022 slowed down to 21.8% in Latvia, 22% in Lithuania and 22.4% in Estonia.
Inflation in August - 25.2%
Annual inflation in the eurozone in August 2022 accelerated to a record 9.1%. The highest price growth was noted in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%).
Inflation in July - 22.8%
Inflation growth in May to 20.1%
Annual inflation in Estonia in May 2022 increased to 20.1%.
Cryptocurrencies in Estonia
Largest companies
2020
2018
Foreign trade
2023
Continued trade with Russia through Central Asian countries
Export dynamics to China
2022: China trade deficit
Energy carriers
2020: Energy supplies to Russia
2018: High price of petrol
Power
2023: Government contributions to pay for energy by citizens and companies reached 2% of GDP
2022
Record decline in gas consumption due to the rise in its price
Total gas consumption for all YeS-27 countries in the first eleven months of 2022 decreased by 11% compared to the level of 2019-2021. The leaders in the decline in gas demand are Finland (minus 53% in January-November) and the Baltic countries (Latvia, Lithuania and Estonia), which reduced consumption by 27-30%, and by November reached a demand compression of half of the average level 2019-2021.
Rise in electricity prices due to pressure on Russia
2021: Coal is the country's main energy source
2020: Average energy consumption per capita
and
Tourism
2022: Ban for Russians to enter the country and pay utility bills
Since August 18, 2022, Estonia has banned entry to Russian citizens with a Schengen visa issued in Estonia, the purpose of which is tourism, business, sports or culture. The ban also includes Russians who own real estate in Estonia. Local banks have stopped accepting payments from Russia, and citizens of the Russian Federation cannot pay utility bills. The decision was made on the wave of Russophobia in Europe after the start of Russia's military special operation in Ukraine in February 2022.
2019: How much Estonia is dependent on tourism:% of the industry in GDP
2019: More than 45% of the population went on tourist trips. Russia is the most popular country
2018
Tourism revenues
Number of foreign tourists
R&D
2020: R&D costs - $545m
Labour market
2022: Proportion of workers aged 65 or over - above 15%
Salaries
2023: Minimum wage - $704
2018: Salaries of top officials in government management
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2017: Average monthly salary
Unemployment
2023: Youth unemployment - 15.6%
2022: Unemployment rate - 5.7%
2020: Unemployment rate - 7.8%
Agriculture
2019: Low use of pesticides in agriculture
Consumption
Cars in Estonia
Main article: Cars in Estonia
Meat
2023: Pork is the most consumed type of meat
2019: Pork is the most consumed type of meat
Beer
2019: Beer consumption in litres per year per person
Milk
2018: Milk consumption in litres per year per person
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Alcohol market
2018: Minimum age to purchase alcoholic beverages
Food industry
2021: Cheese production - 35.3kg per capita
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