Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.20 1.19 1.19 1.18 1.18 1.17
Stock Market (points) 1256.97 1232 1222 1211 1201 1180

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -5.60 -1.6 1.5 2 1.6 1.4
GDP Annual Growth Rate (%) -6.90 -8 -3 12.8 7.5 6.5
Unemployment Rate (%) 7.70 7.9 8.2 7 7 6.5
Inflation Rate (%) -1.50 1 1.2 1.5 1.5 2
Inflation Rate Mom (%) -0.50 -0.3 -0.3 -0.3 -0.3 0.2
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 4.00 -130 -130 -130 -130 -110
Current Account to GDP (%) 2.20 1 1 2 2 2
Government Debt to GDP (%) 8.40 9.5 10.3 10.3 10.3 10.3
Government Budget (% of GDP) -0.30 -3.8 -4.4 -4.4 -4.4 -4.4
Retail Sales MoM (%) -3.20 10.5 15 -1.5 -5 12
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 20.00 20 20 20 20 20

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -5.60 -1.6 1.5 2 1.6 1.4
GDP Annual Growth Rate (%) -6.90 -8 -3 12.8 7.5 6.5
GDP (USD Billion) 31.39 25 28 28 28 28
GDP Constant Prices (EUR Million) 5710.18 5978 5554 6441 6138 6367
Gross Fixed Capital Formation (EUR Million) 1485.28 1724 1280 1675 1597 1836
GDP per capita (USD) 20741.90 17500 19700 19700 19700 19700
GDP per capita PPP (USD) 36710.40 32500 35000 35000 35000 35000
GDP From Agriculture (EUR Million) 52.42 158 120 59.14 56.36 168
GDP From Construction (EUR Million) 378.52 369 357 427 407 393
GDP From Manufacturing (EUR Million) 735.18 731 822 829 790 778
GDP From Mining (EUR Million) 75.85 68.01 75.5 85.56 81.54 72.43
GDP From Services (EUR Million) 39.20 77.99 62.91 44.22 42.14 83.06
GDP From Transport (EUR Million) 476.35 487 455 537 512 519

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 7.70 7.9 8.2 7 7 6.5
Labour Costs (points) 126.48 150 122 130 130 157
Wages (EUR/Month) 1441.00 1518 1535 1464 1464 1595
Wages in Manufacturing (EUR/Month) 1373.00 1433 1442 1399 1399 1506
Minimum Wages (EUR/Month) 584.00 590 630 630 630 630
Population (Million) 1.33 1.32 1.31 1.31 1.31 1.32
Retirement Age Women 63.75 63.75 64 64 64 64
Retirement Age Men 63.75 63.75 64 64 64 64

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -1.50 1 1.2 1.5 1.5 2
Inflation Rate Mom (%) -0.50 -0.3 -0.3 -0.3 -0.3 0.2
Harmonised Consumer Prices (points) 109.50 112 111 111 112 114
Consumer Price Index CPI (points) 212.20 216 216 216 216 221
Core Consumer Prices (points) 107.59 116 113 113 112 122
Producer Prices (points) 110.46 117 110 112 112 120
Producer Prices Change (%) -1.90 -1 1 1.5 1.5 2.2
CPI Transportation (points) 177.15 197 190 180 181 201
Food Inflation (%) 1.80 3.7 3.7 3.7 3.7 5

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Million) 4.00 -130 -130 -130 -130 -110
Current Account to GDP (%) 2.20 1 1 2 2 2
Imports (EUR Million) 1307.00 1410 1410 1410 1410 1620
Exports (EUR Million) 1311.00 1280 1280 1280 1280 1510

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 8.40 9.5 10.3 10.3 10.3 10.3
Government Budget (% of GDP) -0.30 -3.8 -4.4 -4.4 -4.4 -4.4
Government Budget Value (EUR Million) -424.30 14.81 14.81 14.81 14.81 14.78
Government Spending (EUR Million) 1109.77 1210 1014 1252 1193 1289
Government Spending to GDP (%) 39.00 46.8 42.6 42.6 42.6 42.6

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 20.00 20 20 20 20 20
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate (%) 37.40 35.4 37.4 37.4 37.4 35.4
Social Security Rate For Companies (%) 33.80 33.8 33.8 33.8 33.8 33.8
Social Security Rate For Employees (%) 3.60 1.6 3.6 3.6 3.6 1.6

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) -2.30 -3.2 4 5.8 5.8 7
Industrial Production Mom (%) 1.30 0.7 0.7 0.7 0.7 0.6

Consumer Actual Q4 Q1 Q2 Q3 2021
Retail Sales MoM (%) -3.20 10.5 15 -1.5 -5 12
Retail Sales YoY (%) 5.50 3.5 2.8 2.9 2.7 2.5
Consumer Spending (EUR Million) 2824.00 2944 2879 3185 3036 3135
Consumer Credit (EUR Million) 9682.00 8589 9140 10700 10341 9147
Bank Lending Rate (%) 3.88 3.74 3.83 3.83 3.83 4.24
Gasoline Prices (USD/Liter) 1.43 1.36 1.22 1.16 1.1 1.29


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.