Estonia Economy 2001

Economy - overview: In 2000, Estonia rebounded from the Russian financial crisis by scaling back its budget and reorienting trade away from Russian markets into EU member states. After GDP shrank 1.1% in 1999, the economy made a strong recovery in 2000, with growth estimated at 6.4% - the highest in Central and Eastern Europe. Estonia joined the World Trade Organization in November 1999 - the second Baltic state to join - and continues its EU accession talks. For 2001, Estonians predict GDP to grow around 6%, inflation of between 4.2%-5.3%, and a balanced budget. Substantial gains were made in completing privatization of Estonia's few remaining large, state-owned companies in 2000, and this momentum is expected to continue in 2001. Estonia hopes to join the EU during the next round of enlargement tentatively set for 2004.

GDP: purchasing power parity - $14.7 billion (2000 est.)

GDP - real growth rate: 6.4% (2000 est.)

GDP - per capita: purchasing power parity - $10,000 (2000 est.)

GDP - composition by sector:
agriculture: 3.6%
industry: 30.7%
services: 65.7% (1999)

Population below poverty line: 8.9% (1995 est.)

Household income or consumption by percentage share:
lowest 10%: 3.2%
highest 10%: 28.5% (1996)

Inflation rate (consumer prices): 4.1% (1999 est.)

Labor force: 785,500 (1999 est.)

Labor force - by occupation: industry 20%, agriculture 11%, services 69% (1999 est.)

Unemployment rate: 11.7% (1999 est.)

Budget:
revenues: $1.37 billion
expenditures: $1.37 billion, including capital expenditures of $NA (1997 est.)

Industries: oil shale, shipbuilding, phosphates, electric motors, excavators, cement, furniture, clothing, textiles, paper, shoes, apparel

Industrial production growth rate: 5% (2000 est.)

Electricity - production: 7.782 billion kWh (1999)

Electricity - production by source:
fossil fuel: 99.72%
hydro: 0.09%
nuclear: 0%
other: 0.19% (1999)

Electricity - consumption: 6.807 billion kWh (1999)

Electricity - exports: 530 million kWh (1999)

Electricity - imports: 100 million kWh (1999)

Agriculture - products: potatoes, fruits, vegetables; livestock and dairy products; fish

Exports: $3.1 billion (f.o.b., 2000)

Exports - commodities: machinery and equipment 24%, wood products 20%, textiles 17%, food products 9%, metals, chemical products (1999)

Exports - partners: Finland 19.4%, Sweden 18.8%, Russia 9.2%, Latvia 8.7%, Germany 7.5%, US 2.5% (1999)

Imports: $4 billion (f.o.b., 2000)

Imports - commodities: machinery and equipment 31%, chemical products 13%, foodstuffs 11%, metal products 8%, textiles 8% (1999)

Imports - partners: Finland 22.8%, Russia 13.5%, Sweden 9.3%, Germany 9.3%, Japan 4.7% (1999)

Debt - external: $1.6 billion (2000 est.)

Economic aid - recipient: $137.3 million (1995)

Currency: Estonian kroon (EEK)

Currency code: EEK

Exchange rates: krooni per US dollar - 16.663 (January 2001), 16.969 (2000), 14.678 (1999), 14.075 (1998), 13.882 (1997), 12.034 (1996); note - krooni are tied to the German deutsche mark at a fixed rate of 8 to 1

Fiscal year: calendar year

NOTE: The information regarding Estonia on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Estonia Economy 2001 information contained here. All suggestions for corrections of any errors about Estonia Economy 2001 should be addressed to the CIA.