ESTONIA

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Estonia Economy

Country Name: Republic of Estonia

Capital City: Tallinn

Population: 1,324,333 (July 2006)

Population Growth: -0.64% (2006)

Currency: Estonian kroon (EEK)

Languages: Estonian

Area: 45,226 sq km

Inflation Rate: 4.4% (2006 est.)

Unemployment Rate: 4.5% (2006)

Domain extension: .ee

ECONOMIC DETAILS OF ESTONIA

ECONOMY OVERVIEW
Estonia has a modern market-based economy with strong ties to the West. It is a WTO and EU member and pegs its currency to the euro. The economy benefits from strong electronics and telecommunications sectors and is greatly influenced by developments in Finland, Sweden, and Germany, three major trading partners. The current account deficit remains high; however, the state budget is essentially in balance, and public debt is low.

GDP - purchasing power parity:

$26.85 billion (2006 est.)

GDP - real growth rate:

11.4% (2006 est.)

GDP - per capita:

$20,300 (2006 est.)

GDP - by sector (agriculture):

agriculture: 3.4%

GDP - by sector (industry):

industry: 28%

GDP - by sector (services):

services: 68.6% (2006 est.)

Export Partners:

Finland 18.4%, Sweden 12.4%, Latvia 8.9%, Russia 8.1%, US 5.5%, Germany 5.1%, Lithuania 4.8%, Gibraltar 4.7% (2006)

Import Partners:

Finland 18.2%, Russia 13.1%, Germany 12.4%, Sweden 9%, Lithuania 6.4%, Latvia 5.7% (2006)

Export Commodities:

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

Import Commodities:

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

Exports Volume:

$9.68 billion f.o.b. (2006 est.)

Imports Volume:

$12.03 billion f.o.b. (2006 est.)

Labour Force:

673,000 (2006 est.)

Unemployment Rate:

4.5% (2006)

Population below poverty line:

5% (2003)

Inflation Rate:

4.4% (2006 est.)

Investment (gross fixed):

32.4% of GDP (2006 est.)

Public Debt:

3.6% of GDP (2006 est.)

Agriculture Products:

potatoes, vegetables; livestock and dairy products; fish

Industries:

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

Industrial Production Growth Rate:

8% (2006 est.)

Electricity - production:

9.29 billion kWh (2004)

Electricity - consumption:

6.846 billion kWh (2004)

Electricity - exports:

2.141 billion kWh (2004)

Electricity - imports:

347 million kWh (2004)

Oil - production:

6,819 bbl/day (2004 est.)

Oil - consumption:

60,000 bbl/day (2004 est.)

Oil - exports:

0 bbl/day (2001)

Oil - imports:

54,000 bbl/day (2004)

Natural gas - production:

0 cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$1.919 billion (2006 est.)

Currency Code:

Estonian kroon (EEK)