Economy at a glance
The cornerstones of Estonian development are openness, liberal economic policy and proportional tax system with 0% tax on reinvested profits.
Currency: from 1 January 2011, Estonia is member of eurozone and the currency in Estonia is euro.
Estonia became the OECD's 34th member country on 9 December 2010.
Tax system: 21% flat income tax, reinvested corporate profit is tax free; 20% VAT
International organisations like World Bank, World Economic Forum, The Heritage Foundation and others have acknowledged Estonian economy as very open and competitive.
- 11th in Index of Economic Freedom 2014 - Wall Street Journal/The Heritage Foundation
- 22nd in Ease of Doing Business Report 2014 - World Bank
- 32nd in Global Competitiveness Report 2014 - World Economic Forum
- 28th in Corruption Perception Index 2013 - Transparency International
- 7th in the world for e-security 2011 - IMD World Competitiveness Yearbook
- Estonia has some of the highest international credit ratings in the region. Standard & Poor’s: AA-; Moody's: A1; Fitch IBCA: A+.
The structure of Estonian economy is diverse – industry and transport, as well as commerce and different branches of services are all equally important. Due to the available natural resources, Estonian economy largely relies on the branches related to forestry and the Estonian energy sector is based on oil shale, a resource quite rare elsewhere in the world.
More than 71% of the Estonian GDP is derived from the service sector, with the industrial sector yielding 25% and primary branches (including agriculture) approximately 4% of the overall output.
In 2013, Estonian economy grew by 0.8% and the annual growth forecast for the next few years is 2.0%–3.5%.