Short facts about the economy in Estonia

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

Source: World Factbook