Estonia Economy - 2004

Economy - overview:
Estonia, as a new member of the World Trade Organization, is steadily moving toward a modern market economy with increasing ties to the West, including the pegging of its currency to the euro. The economy benefits from strong electronics and telecommunications sectors. Estonia has been invited to join the European Union and will do so in May 2004. The economy is greatly influenced by developments in Finland, Sweden, Russia, and Germany, four major trading partners. The high current account deficit remains a concern. However, the state budget enjoyed a surplus of $130 million in 2003.

GDP:
purchasing power parity - $17.37 billion (2003 est.)

GDP - real growth rate:
4.8% (2003 est.)

GDP - per capita:
purchasing power parity - $12,300 (2003 est.)

GDP - composition by sector:
agriculture: 5.2%
industry: 29.3%
services: 65.5% (2002)

Population below poverty line:
NA% (2000)

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 29.8% (1998)

Distribution of family income - Gini index:
37 (1999)

Inflation rate (consumer prices):
1.5% (2003 est.)

Labor force:
608,600 (2001 est.)

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

Unemployment rate:
5.5% (June 2003)

Budget:
revenues: $3.13 billion
expenditures: $3 billion, including capital expenditures of $NA (2003 est.)

Industries:
engineering, electronics, wood and wood products, textile; information technology, telecommunications

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

Electricity - production:
7.937 billion kWh (2001)

Electricity - production by source:
fossil fuel: 99.8%
hydro: 0.1%
other: 0.2% (2001)
nuclear: 0%

Electricity - consumption:
6.192 billion kWh (2001)

Electricity - exports:
1.19 billion kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
5,100 bbl/day (2001 est.)

Oil - consumption:
24,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Natural gas - production:
0 cu m (2001 est.)

Natural gas - consumption:
1.27 billion cu m (2001 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
1.27 billion cu m (2001 est.)

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

Exports:
$4.075 billion f.o.b. (2003 est.)

Exports - commodities:
machinery and equipment 33%, wood and paper 15%, textiles 14%, food products 8%, furniture 7%, metals, chemical products (2001)

Exports - partners:
Finland 20.4%, Sweden 12.4%, Russia 10%, Germany 8.3%, Latvia 7.7%, UK 4.2%, Lithuania 4.1% (2002)

Imports:
$5.535 billion f.o.b. (2003 est.)

Imports - commodities:
machinery and equipment 33.5%, chemical products 11.6%, textiles 10.3%, foodstuffs 9.4%, transportation equipment 8.9% (2001)

Imports - partners:
Finland 15.6%, Russia 12%, Germany 11.1%, Sweden 8.4%, China 4.6%, Italy 4.1% (2002)

Debt - external:
$5.8 billion (2003 est.)

Economic aid - recipient:
$108 million (2000)

Currency:
Estonian kroon (EEK)

Currency code:
EEK

Exchange rates:
krooni per US dollar - 13.86 (2003), 16.61 (2002), 17.48 (2001), 16.97 (2000), 14.68 (1999)