ESTONIA
A small and heavily forested country
The most northerly of the three Baltic republics of the former Soviet Union
Total area: 45,226 sq km
Population: 1.35 million
Government type: Parliamentary democracy
Administrative division: 15 counties (called „maakonnad“)
Capital + other major cities:Tallinn (396,000); Tartu (101,000), Narva (67,000), Kohtla-Jarve (46,000), Parnu (44,000)
Currency: EUR (since 1 January 2011)
Languages: Estonian (official) 67.3%, Russian 29.7%, other 2.3%, unknown 0.7%
Ethnicity: Estonian 67.9%, Russian 25.6%, Ukrainian 2.1%, Belarusian 1.3%, Finn 0.9%, other 2.2%
Religion: Evangelical Lutheran 13.6%, Orthodox 12.8%, other Christian (including Methodist, Seventh-Day Adventist, Roman Catholic, Pentecostal) 1.4%, unaffiliated 34.1%, other and unspecified 32%, none 6.1%
President: (Mr.) Toomas Hendrik ILVES (since 9 October 2006)
Prime Minister: (Mr.) Andrus ANSIP (since 12 April 2005)
Date of EU accession: 1 May 2004 |
 |
MACROECONOMIC OVERVIEW
Estonia has developed into a modern market economy with strong ties to the West. It experienced very strong real GDP growth rates, reaching 8.15% in 2004 and even running in double-digits in 2005 and 2006 (10.5% and 11.3% respectively). The growth was driven by robust domestic demand as well as strong confidence indicators for the construction, trade, and industrial sectors, all growing at a rapid speed. Then its GDP shrank significantly - by 5.1% in 2008 and 13.9% in 2009, while in 2010 economic growth resumed - driven mainly by exports.
Selected economic indicators, Estonia, 2005 - 2011
| |
|
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011* |
| GDP |
|
|
|
|
|
|
|
|
| Real GDP growth |
% |
10.5 |
11.3 |
7.1 |
-5.1 |
-13.9 |
2.4 |
4.4 |
| GDP at current prices |
€ bn |
10.6 |
13.2 |
16.1 |
13.9 |
14.2 |
15.2 |
|
| Foreign trade |
|
|
|
|
|
|
|
|
| Exports |
€ bn |
4.8 |
7.7 |
8.0 |
11.5 |
9.0 |
10.8 |
11.7 |
| Imports |
€ bn |
6.7 |
10.7 |
11.1 |
12.2 |
8.1 |
10.1 |
10.9 |
| Balance |
€ bn |
-1.9 |
-3.0 |
-3.1 |
-0.7 |
0.9 |
0.8 |
0.8 |
| Prices |
|
|
|
|
|
|
|
|
| CPI - average inflation rate |
y-o-y |
4.1 |
4.4 |
6.6 |
10.6 |
0.2 |
2.7 |
|
| Employment |
|
|
|
|
|
|
|
|
| Registered unemployment |
% |
9.7 |
5.9 |
4.7 |
5.5 |
13.8 |
|
|
| Average monthly gross wage |
€ |
465 |
516 |
601 |
827 |
|
|
|
| Exchange rates |
|
|
|
|
|
|
|
|
| EEK/USD average |
|
12.6 |
12.5 |
11.4 |
10.7 |
11.2 |
11.8 |
|
| EEK/EUR average |
|
15.6466 |
15.6466 |
15.6466 |
15.6466 |
15.6466 |
- |
- |
Source: Eurostat 2011; * 2011 - forecast
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