Estonia Economic Overview

Estonia Economic Overview

Basic data
Capital Tallinn
Population 1.331 million
Language The official language is Estonian, the knowledge of English is high, in the east of the country Russian is used.
Religion Orthodox Christians 16%, Lutherans 10%, no religion or not stated 74%
State system parliamentary republic
Head of State Alar Karis
Head of government Kaja Kallas
Currency name Euro (EUR)
Travel
Time shift +1 hour
Economy 2021
Nominal GDP (billion USD) 56.2
Economic growth (%) 7.6
Inflation (%) 4.4
Unemployment (%) 6.5

Estonia is a parliamentary republic headed by President Alar Karis (elected in 2021) and a unicameral Riigikogu parliament (101 members). The new government was appointed in January 2021 and consists of two coalition parties – the Reform Party and the Center Party. The prime minister is Kaja Kallas, who is also the president of the Reform Party.

According to allcountrylist, Estonia represents a stable, open and export-oriented economy. The country is a member of the EU and, since 2011, also of the Eurozone. Strong economic ties to the Nordic countries helped Estonia weather the pandemic well, with the economy growing by 7.6% in 2021 and public debt-to-GDP remaining exceptionally low compared to the eurozone average. Economic growth will moderate to around 3.5% in 2022 and 2023, it will continue to be driven by the development of sectors with high added value (electronics, ICT), the continued digitization of the public and private spheres, and especially the accelerated transformation of energy and industry towards more environmentally friendly operations. Domestic consumption is growing thanks to savings accumulated during the pandemic (49% of GDP in 2020). Public investment in 2022-2025 will increase by €969 million under the Next Generation EU stimulus package and the Recovery and Resilience Instrument. The energy, transport, chemical and healthcare industries will benefit in particular. To increase its own defense capability, Estonia allocated an additional 900 million euros for defense investments. On the other hand, electricity prices, which rose about 75% year-on-year in 2021, have pushed inflation to a record 6.6% and are expected to remain high in 2022. Firms are reporting labor shortages. Sanctions imposed on Russia will cause material shortages in the construction, woodworking and metalworking industries, but will have a negligible effect on the Estonian economy as a whole.

Position in various indexes:

  • #1 – OECD Tax Competitiveness Index 2021
  • #1 – Entrepreneurship, World Economic Forum 2017
  • #1 – Digital Economy and Society Index, European Commission 2020
  • #2 – Freedom on the Net, Freedom House 2021
  • #3 – Global Cybersecurity Index 2020
  • #8 – Index of Economic Freedom, The Heritage Foundation 2021
  • #18 – Ease of Doing Business, World Bank 2020

Estonia has some of the highest international credit ratings in the region: Standard & Poor’s: AA-, Moody’s: A1, Fitch IBCA: A+.

Bilateral relations between the Czech Republic and Estonia have long been problem-free and unencumbered by unresolved issues, in 2021 both countries jointly celebrated 100 years since the establishment of diplomatic relations.

Contacts

Subchapters:

  • Contacts to Czech embassies in the territory
  • Practical telephone numbers (emergency services, police, firefighters, information lines, etc.)
  • Important Internet links and contacts

Contacts at the embassies of the Czech Republic in the territory

Embassy of the Czech Republic in Estonia

  • Lahe 4, 101 50 Tallinn
  • phone: + 372 6274 400
  • https://www.mzv.cz/tallinn
  • e-mail: [email protected], [email protected]
  • office hours: Monday to Friday 08:30-12:00 and 12:45-17:00
  • connection to the office: from the city center by tram no. 1 or 3, stop Kadriorg
  • possibility of parking on the street near the embassy

The PaulTrade representative for the Baltics is located in Riga, Latvia: Věra Všetičková, head of the foreign office, email: [email protected], phone: +371 672 87306, mobile: +371 266 28156.

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

  • Free line with detailed information on coronavirus restrictions 1247 (from abroad +372 600 1247)
  • Police, Ambulance, firefighters, help in the event of an explosion: 112
  • Technical assistance for vehicles on the road: 1188
  • General information: 1182
  • Information about the bus connection: 12550 (from abroad +372 680 09 00)
  • Population register: +372 612 44 44
  • Police and Border Guard: +372 612 30 00

Important web links and contacts

  • Information portal for citizens and residents of Estonia: https://www.eesti.ee/en
  • Government office with contacts to individual Estonian ministries: https://www.valitsus.ee/en
  • Estonian Parliament: https://www.riigikogu.ee/en/
  • Estonian Chamber of Commerce and Industry: https://www.koda.ee/en,
  • International Chamber of Commerce: https://icc.estonia.ee/en
  • Estonian Export Directory: https://estonianexport.ee
  • Estonian Trader’s Association: https://www.kaupmeesteliit.ee/et/english-summary
  • Enterprise Estonia: https://www.eas.ee/eas/?lang=en
  • Estonian Import and Export Agency: https://investinestonia.com
  • Business catalog of Estonian companies: http://www.aripluss.ee/en/front-page
  • Commercial register: https://ariregister.rik.ee/index?lang=eng
  • Database of Estonian laws: https://www.riigiteataja.ee/en/
  • Customs Board: http://www.emta.ee/et,
  • Estonská banka/Bank of Estonia: https://www.eestipank.ee/en
  • Statistical Office of Estonia: https://www.stat.ee/en
  • Estonian Public Broadcasting: https://www.err.ee/

Estonia Economic Overview

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