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 0.80 0.6 0.6 0.6 0.5 0.4 percent [+]
Unemployment Rate 5.60 6.3 6.7 6.4 6.5 5.5 percent [+]
Inflation Rate 3.30 3 3.2 2.8 2.6 2.3 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade -188.68 -171 -172 -172 -172 -172 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 1.12 1.1 1.09 1.08 1.07 0.89 [+]
Stock Market 1132.89 1120 1110 1080 1090 906 points [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.80 0.6 0.6 0.6 0.5 0.4 percent [+]
GDP Annual Growth Rate 4.40 4.2 4 3.8 3.7 2.6 percent [+]
GDP 22.46 23.11 22.24 26.65 22.2 31.14 USD Billion [+]
GDP Constant Prices 4316.68 4572 4317 4571 4317 4569 EUR Million [+]
Gross Fixed Capital Formation 980.33 1149 997 1256 1047 1272 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 98.20 95.76 135 148 107 134 EUR Million [+]
GDP From Construction 182.18 244 253 239 193 236 EUR Million [+]
GDP From Manufacturing 656.77 740 675 705 679 724 EUR Million [+]
GDP From Mining 56.08 50.28 54.64 51.55 54.8 52.55 EUR Million [+]
GDP From Services 50.60 51.39 57.54 55.91 49.97 54.85 EUR Million [+]
GDP From Transport 271.87 295 297 282 282 287 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 5.60 6.3 6.7 6.4 6.5 5.5 percent [+]
Employed Persons 648.80 666 661 652 660 665 Thousand [+]
Unemployed Persons 29.54 28.19 25.98 26.15 26.6 26.61 Thousand [+]
Long Term Unemployment Rate 2.50 2.63 2.66 2.61 2.62 2.71 percent [+]
Youth Unemployment Rate 14.70 14.6 14.77 14.73 14.74 14.74 percent [+]
Labour Costs 128.85 128 126 126 129 128 Index Points [+]
Job Vacancies 7.53 7.48 7.09 7.14 7.15 7.14 Thousand [+]
Wages 1152.97 1208 1175 1222 1188 1221 EUR/Month [+]
Wages in Manufacturing 1115.21 1144 1115 1144 1115 1144 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 2.80 0.7 -0.24 0.86 0.16 -0.02 percent [+]
Employment Rate 66.30 67.96 67.36 66.57 67.48 68.03 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 100.00 106 109 112 101 110 Index Points [+]
Labor Force Participation Rate 70.20 71.87 71.57 70.2 70.7 70.84 percent [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 3.30 3 3.2 2.8 2.6 2.3 percent [+]
Inflation Rate Mom 0.20 0.5 0.63 0.8 0.39 0.6 percent [+]
Harmonised Consumer Prices 104.41 105 105 106 106 106 Index Points [+]
Consumer Price Index CPI 201.68 202 203 204 205 216 Index Points [+]
Core Consumer Prices 103.58 104 104 105 105 105 Index Points [+]
Core Inflation Rate 2.00 1.93 2.21 2.34 2.42 2.58 percent [+]
GDP Deflator 120.37 121 122 122 123 130 Index Points [+]
Producer Prices 109.99 113 115 117 119 132 Index Points [+]
Producer Prices Change 4.20 5.5 5.2 4.9 3.7 2.9 percent [+]
Export Prices 328.61 329 329 329 329 329 Index Points [+]
Import Prices 140.83 141 140 140 140 140 Index Points [+]
Cpi Transportation 181.67 182 181 181 181 181 Index Points [+]
Food Inflation 6.10 6.69 7.84 8.25 8.4 8.49 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 11313.00 11433 11622 11797 11965 13323 EUR Million [+]
Money Supply M2 13910.00 14071 14291 14492 14690 16502 EUR Million [+]
Banks Balance Sheet 24287.90 24514 24618 24727 24828 25537 EUR Million [+]
Loans to Private Sector 7603.80 7649 7694 7734 7770 7964 EUR Million [+]
Central Bank Balance Sheet 6791682.30 6997323 7289828 7428377 7573745 9319217 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 -188.68 -171 -172 -172 -172 -172 EUR Million [+]
Exports 1036.16 1001 1051 1013 1037 1030 EUR Million [+]
Imports 1224.84 1255 1234 1216 1217 1219 EUR Million [+]
Current Account 98.50 169 262 231 170 223 EUR Million [+]
Current Account to GDP 2.70 1.6 1.6 1.6 1.4 1 percent [+]
External Debt 18935.00 18999 18923 18851 18795 18561 EUR Million [+]
Capital Flows 245.60 337 347 334 305 333 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 -3.23 -19.2 -13.46 -12.18 -12.72 -12.63 EUR Million [+]
Government Spending 807.80 934 808 934 808 934 EUR Million [+]
Government Spending to GDP 40.40 39.67 39.5 39.33 39.38 39.36 percent [+]
Government Revenues 585.61 612 588 595 592 593 EUR Million [+]
Fiscal Expenditure 588.84 635 637 638 638 638 EUR Million [+]
Asylum Applications 20.00 20.02 18.9 19.64 19.17 19.23 persons [+]
Military Expenditure 493.80 500 501 501 501 504 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence 105.30 105 105 105 105 105 [+]
Industrial Production 9.50 2.9 12.72 4.4 13.39 1.8 percent [+]
Industrial Production Mom -0.20 1.8 1.08 2.1 1.12 0.7 percent [+]
Manufacturing Production 7.60 8.95 9.25 9.53 9.73 10.06 percent [+]
Capacity Utilization 76.40 74.62 76.42 76.66 76.55 75.26 percent [+]
Changes in Inventories 161.65 76.88 91.59 89.89 136 95.2 EUR Million [+]
Car Registrations 2594.00 2485 2272 2275 2299 2296 Cars [+]
Cement Production 45.30 51.1 41.57 33.91 39 39.35 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 1307.00 1161 1027 997 1011 1020 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 21.60 37.53 38.07 41.96 40.58 40.78 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -2.40 -2.24 -2.16 -2.05 -1.99 -1.89 [+]
Retail Sales MoM -1.00 -1 0.66 18 0.56 10 percent [+]
Retail Sales YoY 1.00 8 2.16 5 1.98 2 percent [+]
Consumer Spending 2415.80 2468 2420 2480 2423 2477 EUR Million [+]
Personal Savings 8.77 9.66 8.75 7.85 7.72 7.51 percent [+]
Consumer Credit 7821.70 7891 7988 8080 8168 8889 EUR Million [+]
Bank Lending Rate 3.23 3.21 3.26 3.26 3.24 3.25 percent [+]
Households Debt To Income 70.87 72.58 74.08 75.58 76.24 85.34 percent [+]
Gasoline Prices 1.35 1.33 1.37 1.37 1.37 1.37 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 [+]